Provi raised $100M over two rounds this year to help bars and restaurants order booze
A Chicago startup that helps restaurants and bars order alcohol more efficiently is now valued at $750 million after raising $100 million in funding this year.
Provi announced Tuesday that it raised two rounds of funding in 2021: a $25 million Series B it raised six months ago and a more recent $75 million Series C. The latest round was led by D1 Capital Partners, along with Bessemer Venture Partners, Nosara Capital, CPMG, Hyde Park Angels and former Instacart President Nilam Ganenthiran. This round of funding gave the startup a $750 million valuation, which is more than three-times higher than its Series B round, the company said.
Provi has now raised $125 million to date. It raised seed funding in 2018 from local investors like Hyde Park Angels, Hyde Park Venture Partners and Sandalphon Capital.
Founded in 2016 and formerly known as Tiz, Provi has created a beverage marketplace that simplifies the ordering process between retailers and distributors. Its online platform lets bars and restaurants order all their beverages in one central location, rather than making multiple phone calls and creating additional invoices. Provi, which is short for “provision,” also provides companies with data on which drinks are performing well at particular locations.
The startup says it currently services 10% of all bars and restaurants in the U.S., and it expects to grow that to 25% by the end of next year.
Provi is led by CEO Taylor Katzman, who was previously the Chicago GM for alcohol delivery app Drizly. Katzman said in a statement that Provi is working to optimize an industry that still operates using paper invoices.
“Our marketplace allows retailers to search, shop and discover millions of products enabling them to better communicate, track inventory, and restock than ever before,” he said.
Source: Jim Dallke | www.bizjournals.com