Provi Announces $75M In New Funding On $750M Valuation To Take The Alcohol Industry Online
Series C Round Led by D1 Capital Partners, Representing a 3.5x Valuation Growth in Six Months
Sep 21, 2021, 07:00 ET
CHICAGO, Sept. 21, 2021 /PRNewswire/ -- Provi, the leading online ordering platform for the beverage alcohol industry, announced today that it has raised $100M in funding in 2021 between two rounds, including $75M in Series C funding at a valuation of $750M, led by D1 Capital Partners with participation from Bessemer Venture Partners, Nosara Capital and CPMG, and $25M in Series B funding earlier this year, led by CPMG, with participation from Bessemer and Nosara Capital. The Series C includes participation from former Instacart President Nilam Ganenthiran, who was appointed to Provi's Board of Directors, and represents a 3.5x valuation growth in six months.
Provi's online marketplace streamlines the beverage ordering process between retailers and distributors via its robust communication platform. Provi allows restaurants and bars to order all their beverages in one place, instead of ordering via phone or paper invoices from 8-20 distributors, which saves each on-premise establishment 20 staff hours per month on average. Uniquely, Provi is also the only company that has a complete picture of on-premise/retailer beverage data.
"Our marketplace allows retailers to search, shop and discover millions of products enabling them to better communicate, track inventory, and restock than ever before," said Provi CEO, Taylor Katzman. "Equally, we are focused on the best experience for distributor sales reps who are crucial to the ecosystem. Provi is helping optimize a $250 billion industry that still operates using paper invoices."
Amidst the hospitality industry facing a labor shortage and an annual doubling of products on the market, Provi has experienced 3x growth over the past year and with this latest investment, the company predicts that it will increase its revenue by 20x in the next 12 months.
"B2B digital Marketplaces are rapidly improving some of our biggest industries," said Jeff Lerman from D1 Capital. "We believe Provi's talented team has already changed the way the beverage alcohol industry does business by enabling wholesalers to provide retailers with more efficient access to the products and brands they need. We've seen similar digitization trends, and follow-on benefits throughout the value chain, in our consumer marketplace portfolio companies, and we are thrilled to back Provi on the B2B side."
Provi has raised $125M to date and is the industry's largest B2B beverage marketplace, currently servicing 10 percent of the bars and restaurants in the US market, on track to grow to 25 percent of the market by the end of 2022. The company has relationships with 85 percent of major US distributors, including Breakthru Beverage and Empire Merchants, and has retail customers across the United States. As Provi continues to expand throughout the market, the growth capital will be instrumental for hiring and scaling its platform.
Founded in 2016 in Chicago, Provi is the fastest-growing B2B eCommerce marketplace for the beverage alcohol industry. Provi's digital marketplace grants retailers a robust, contactless platform to place all their beverage orders 24/7 and improves communication and efficiency for retailers and distributors. Provi's investors include CPMG, Bessemer, D1 Capital, Nosara, FJ Labs, Ludlow Ventures, Interplay Ventures, and Hyde Park Venture Partners. For more information about Provi, please visit: www.provi.com.
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