Total amount raised
$124.9 Millions
Latest funding date
08/01/2023
Location
Provi has successfully raised $125 million over multiple funding rounds, achieving a valuation of $750 million. The platform offers a streamlined marketplace for ordering wholesale alcohol, connecting buyers, distributors, and suppliers.
Keep reading to explore the intricacies of Provi's fundraising journey and the investors backing this innovative platform.
What Is Provi?
Provi, founded in 2016, is a leading B2B marketplace that simplifies the process of ordering wholesale alcohol. Headquartered in Chicago, Illinois, the company connects buyers, distributors, and suppliers, making beverage ordering easy and efficient.
With a team of 101-250 employees, Provi serves various sectors within the alcohol industry, including bars, restaurants, and retail stores. The platform boasts a comprehensive database of products and efficient ordering processes, catering to the needs of different stakeholders in the alcohol supply chain.
Founded by Taylor Katzman, Provi has quickly become a significant player in the industry, aiming to improve communication and efficiency for on- and off-premise buyers, distributors, and suppliers across the U.S.
How Much Funding Has Provi Raised?
- Seed Round
- Amount Raised: $1.4M
- Date: Dec 21, 2016
- Lead Investors: HPA (Hyde Park Angels)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop the initial platform.
- Seed Round
- Amount Raised: $3.5M
- Date: May 18, 2018
- Lead Investors: HPA (Hyde Park Angels)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform and increase market reach.
- Series A
- Amount Raised: $20M
- Date: Apr 10, 2020
- Lead Investors: Bessemer Venture Partners, Nosara Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's capabilities.
- Series B
- Amount Raised: $25M
- Date: Feb 1, 2021
- Lead Investors: CPMG
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expand market presence.
- Series C
- Amount Raised: $75M
- Date: Sep 21, 2021
- Lead Investors: D1 Capital Partners
- Valuation at Round: $750M
- Motivation Behind the Round: To expand market presence, hire new staff, and scale the platform.
- Series C
- Amount Raised: Not specified
- Date: Aug 4, 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale the platform and optimize operations.
Total Amount Raised: $125M. Current Valuation: $750M.
Key Investors
- D1 Capital Partners
- Details: D1 Capital Partners is a global investment firm that deploys capital in both public and private markets. They have a diverse portfolio and are known for their strategic investments in high-growth sectors.
- Investment Focus Areas: Technology, healthcare, consumer, financial services, industrials.
- Notable Investments: Stripe, Robinhood, SpaceX.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a venture capital firm with a long history of investing in early-stage companies. They have been instrumental in the growth of numerous successful startups.
- Investment Focus Areas: Technology, healthcare, consumer, frontier technology.
- Notable Investments: LinkedIn, Shopify, Pinterest.
- Nosara Capital
- Details: Nosara Capital is a venture capital firm that focuses on technology-driven companies. They aim to support innovative startups with the potential for significant growth.
- Investment Focus Areas: Fintech, marketplaces, software.
- Notable Investments: Revolut, TransferWise, Deliveroo.
- CPMG
- Details: CPMG is a private investment firm that focuses on long-term investments in both public and private companies. They are known for their strategic and patient investment approach.
- Investment Focus Areas: Long-term investments in public and private companies.
- Notable Investments: Not publicly disclosed.
- HPA (Hyde Park Angels)
- Details: HPA (Hyde Park Angels) is a leading angel investment group based in Chicago. They focus on early-stage investments and have a strong network of experienced investors.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Not publicly disclosed.
What's Next for Provi?
Provi stands at the cusp of significant growth opportunities, driven by the increasing digitalization of the beverage alcohol industry. With a $250 billion market to optimize, the company aims to expand its market share from 10% to 25% of US bars and restaurants by the end of 2022. This ambitious goal is supported by their strong relationships with 85% of major US distributors.
Future fundraising seems promising, given Provi's rapid growth and the substantial $75 million Series C funding. The company may continue to attract investment to further scale its operations and enhance its platform. However, challenges such as competition from other online ordering platforms and managing rapid growth could pose hurdles along the way.
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