SevenFifty raises $23 million in fresh capital

The tech company wants to continue growing rapidly. 

SevenFifty offers a virtual B2B marketplace
SevenFifty offers a virtual B2B marketplace

SevenFifty, a software company specialising in the wine and beverage industry, has raised $23 million in fresh capital. With the support of the investment firm Level Equity, the sum was acquired in a Series B funding round.

SevenFifty was founded ten years ago and is headquartered in New York. According to co-founder and CEO Aaron Sherman, the company has raised about $31 million in funding so far. Level Equity also invested money in the company in its first round of funding in 2016.

SevenFifty specialises in web-based and mobile technologies. Its e-commerce platform functions as a B2B marketplace that is intended to link purchasing, sales and trade. The background for the platform is the three-tier system in the US, which contains many individual regulations and procedures that are simplified for users through the technology. The three-tier US system stipulates that manufacturers or producers in each state sell to a distributor or wholesaler, who in turn sells on to retailers.

Its customers are found throughout the beverage industry, from wineries and breweries to distributors, importers, restaurants and retailers. Currently, more than 90,000 retailers and restaurants are registered on SevenFifty's platform. Last year, sales increased by 100 percent to almost US$1 billion. According to its own statement, the company is the largest virtual B2B trading place.

SevenFifty plans to use the fresh capital for further growth and to hire more employees, especially in the areas of technology, customer support, sales, operations and marketing. The company currently has 100 employees and plans to have around 170 by the end of the year. aw
 

 

 

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