SevenFifty Announces $23 Million Growth Equity Financing
The new funding will expand SevenFifty's footprint as the leading software and technology provider for wineries, breweries, distributors, importers, restaurants, and alcohol retailers
SevenFifty, a provider of web-based and mobile technology solutions for the beverage alcohol industry and the parent company of SevenFifty Daily, announced $23 million in new funding today. Led by Level Equity, the Series B will accelerate SevenFifty's expansion within the massive $1.4 trillion industry as it builds on innovative digital tools and ecommerce solutions that touch every part of the highly complex and fragmented supply chain.
The hospitality and beverage alcohol industries are accelerating their adoption of next generation technology as they emerge from the pandemic and position themselves for a period of dramatic expansion. SevenFifty attracted the investment following a period of nearly 100% year over year growth. Professionals across the supply chain turn to the company's ecommerce marketplace, which acts as the de-facto system of exchange for distributors as well as their integrated sales and marketing toolkit—each connecting hundreds of thousands of professionals across a disparate supply chain.
Since its launch in 2011 by alcohol and hospitality industry veterans Aaron Sherman and Gianfranco Verga, along with computer scientist and startup founder Neal Parikh, SevenFifty has brought digital transformation to one of the most fragmented industries in America. The company experienced tremendous early adoption across the trade with its ground-breaking online wholesale marketplace, and has built a reputation for creating a suite of digital sales and marketing tools now considered essential across the industry's unique three-tier supply chain.
Today, over 90,000 restaurant and retail buyers use the marketplace, which reached nearly $1 billion in sales volume in 2020. The company has brought the entire supply chain into a centralized and interconnected digital platform, with powerful, integrated data management tools that include:
- Custom ecommerce solutions for distributors and retailers
- The largest B2B aggregated marketplace for the U.S. wholesale alcohol trade
- Sales enablement and CRM tools that connect distributors and buyers
"SevenFifty's mission is to power a connected beverage alcohol supply chain, and with this new funding we unlock the capacity to accelerate our growth and meet the demands of our partners across every category of the industry," said Aaron Sherman, SevenFifty co-founder and CEO. "Our team's deep experience within both the beverage alcohol and technology industries, combined with our expansive network of customers, make us a unique partner to provide the tools and infrastructure for the industry's increasing demand for digital transformation."
This round of funding will drive the continued development of SevenFifty's software and data services that now span nearly every area of the business, with a focus on connected systems that enable better communication and more efficient transactions. The company has immediate plans to accelerate hiring across engineering, customer support, sales, operations, and marketing, guided by its initiatives for recruiting diverse talent. The funding will also enhance SevenFifty's ability to explore future M&A prospects that could boost its tech capabilities and its market reach.
"We've done exceptionally well backing domain experts who build critical technology in complex and fragmented industries, especially as those industries undergo secular shifts towards technology adoption. We have been impressed by SevenFifty's ability to expand its footprint over the past few years, growing the value of the platform beyond just restaurant and retail buyers and earning the trust of producers, importers, and distributors working across the trade," said Ben Levin, founder and co-CEO of Level Equity, who will join SevenFifty's board of directors. "The company stands out for its industry-specific deep technology solutions and superior, specialized dataset that powers a dynamic suite of products and services. We're excited to support their commitment to meaningful innovation."
SevenFifty brings innovative technology and data insights to importers, producers, distributors, and restaurant and retail buyers, so they can connect with each other and do business in a modern world.