SevenFifty Inc., a leading investor in beverage alcohol companies, has announced a $23 million funding round to further accelerate the company’s digital transformation initiative. The Series A funding round was led by Gramercy Capital Partners and includes participation from BofA Merrill Lynch Global Investment Banking, Goldman Sachs, J.P. Morgan, and Wells Fargo.

SevenFifty has invested in several beverage alcohol companies in the last year. These investments were made to accelerate the digital transformation of the beverage alcohol industry and to create significant value for our shareholders. We are excited to announce that on July 25, 2018, SevenFifty has closed a $23 million investment round in its fifth investment, 7-2 Spirits. The round was led by 7-2 Spirits CEO, Larry King, with participation from SevenFifty’s management team.

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SevenFifty’s position as the top software and technology supplier for wineries, brewers, wholesalers, importers, restaurants, and alcohol stores will be strengthened by the additional investment. 

SevenFifty-Announces-23-Million-Growth-Equity-Financing-to-Further-AccelerateMay 24, 2021 | New York, NY — SevenFifty, a supplier of web-based and mobile technology solutions for the beverage alcohol sector, said today that it has received $23 million in additional financing. SevenFifty’s growth inside the vast $1.4 trillion sector will be accelerated by the Series B, which will be led by Level Equity and will expand on new digital tools and ecommerce solutions that touch every aspect of the extremely complicated and fragmented supply chain.  

As they emerge from the epidemic and prepare for a time of rapid growth, the hospitality and beverage alcohol sectors are speeding up their use of next-generation technologies. Following a period of almost 100% year-over-year growth, SevenFifty attracted the investment. Professionals from all across the supply chain rely on the company’s ecommerce marketplace, which serves as the de-facto system of exchange for distributors as well as an integrated sales and marketing toolset, connecting hundreds of thousands of people from all over the world.

SevenFifty has brought digital change to one of America’s most fragmented sectors since its inception in 2011 by founders Aaron Sherman and Gianfranco Verga, both veterans of the alcohol and hospitality industries. With its ground-breaking online wholesale marketplace, the company received tremendous early adoption from the trade, and it has established a reputation for developing a suite of digital sales and marketing tools that are now considered essential across the industry’s unique three-tier supply chain. 

Today, the platform is used by over 90,000 restaurant and retail purchasers, and sales volume is expected to reach over $1 billion by 2020. With sophisticated, integrated data management technologies, the business has unified the whole supply chain into a consolidated and linked digital platform, which includes:

  • Distributors and retailers may benefit from custom ecommerce systems.
  • The biggest B2B platform for the wholesale alcohol industry in the United States.
  • Connecting distributors and buyers with sales enablement and CRM tools

“SevenFifty’s goal is to link the beverage alcohol supply chain, and with this additional investment, we can accelerate our development and fulfill the needs of our partners across every category of the industry,” said Aaron Sherman, co-founder and CEO of SevenFifty. “With our extensive network of clients and strong expertise in both the beverage alcohol and technology sectors, we are a unique partner to offer the tools and infrastructure for the industry’s growing need 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 an outstanding job of supporting domain specialists who develop essential technologies in difficult and fragmented sectors, particularly when those businesses face secular changes toward technology adoption. Ben Levin, Founder and Co-CEO of Level Equity, who will join SevenFifty’s board of directors, said, “We’ve 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.” “The business is distinguished by its industry-specific deep technological solutions and excellent, customized dataset, which underpins a diverse range of goods and services. We’re delighted to join them in their pursuit of meaningful innovation.”

ABOUT SEVENTY-FIVE

With next-generation technologies that fuel the three-tier supply chain, SevenFifty offers new technology and data insights to the beverage alcohol sector. Producers, distributors, importers, retailers, and restaurants benefit from the company’s people-first approach to technology, which provides them with the tools they need to interact with one another and do business in the contemporary world. www.sevenfifty.com

LEVEL EQUITY IS ABOUT

Level Equity is a growth equity company based in New York and San Francisco that invests in fast expanding software and internet businesses. Over $1.7 billion is managed by the company via a variety of long-term committed investment relationships. Visit http://www.levelequity.com for more information about Level Equity.

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