How Much Did Provi Raise? Funding & Key Investors

Provi has successfully raised funding over seven rounds, with the latest being a Series C. The platform simplifies the complex process of ordering wholesale alcohol by connecting each tier in the supply chain.

Provi is backed by 13 investors, including notable names like Bessemer Venture Partners and FJ Labs. Keep reading to explore the intricacies of Provi's fundraising journey and the investors backing this innovative platform.

What Is Provi?

Provi is a B2B marketplace that simplifies the ordering process for alcohol for bars, restaurants, and retail. Based in Chicago, Illinois, the company connects various tiers in the supply chain, making it easier for users to find products, communicate with reps, and manage orders efficiently.

Operating in industries such as Craft Beer, E-Commerce, Food and Beverage, and more, Provi has an employee count ranging from 101 to 250. The platform aims to streamline the workday, reduce stress, and provide control over the ordering process, accessible anytime and anywhere.

How Much Funding Has Provi Raised?

1. Seed Round
   • Amount Raised: USD 1,350,000
   • Date: January 2016
   • Lead Investors: HPA (Hyde Park Angels)
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To kickstart the platform and develop initial market presence.
2. Seed Round
   • Amount Raised: USD 3,500,000
   • Date: May 2018
   • Lead Investors: HPA (Hyde Park Angels)
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand the platform's capabilities and increase user base.
3. Series A
   • Amount Raised: USD 20,000,000
   • Date: April 2020
   • Lead Investors: Bessemer Venture Partners, Nosara Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To scale operations and enhance market penetration.
4. Series B
   • Amount Raised: USD 25,000,000
   • Date: February 2021
   • Lead Investors: CPMG
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support growth and platform development.
5. Series C
   • Amount Raised: USD 75,000,000
   • Date: September 2021
   • Lead Investors: D1 Capital Partners
   • Valuation at Round: USD 750,000,000
   • Motivation Behind the Round: To expand market presence, hire new staff, and scale the platform.
6. Series C
   • Amount Raised: Not publicly disclosed
   • Date: August 2023
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To further enhance platform capabilities and market reach.

Total amount raised: USD 124,850,000. Current valuation: USD 750,000,000.

Key Investors

• D1 Capital Partners
  • Details: D1 Capital Partners is a global investment firm that deploys capital in both public and private markets. They led the Series C funding round for Provi.
  • Investment Focus Areas: Technology, healthcare, consumer goods.
  • Notable Investments: Stripe, Robinhood, SpaceX.
• Bessemer Venture Partners
  • Details: Bessemer Venture Partners is a venture capital firm that invests in early-stage companies across various sectors. They participated in both the Series C and earlier Series B funding rounds for Provi.
  • Investment Focus Areas: Enterprise software, consumer, healthcare, financial services.
  • Notable Investments: LinkedIn, Shopify, Pinterest.
• Nosara Capital
  • Details: Nosara Capital is a venture capital firm that focuses on investing in technology-driven companies. They participated in both the Series C and earlier Series B funding rounds for Provi.
  • Investment Focus Areas: Technology, consumer sectors.
  • Notable Investments: Not publicly disclosed.
• CPMG
  • Details: CPMG is an investment firm that focuses on long-term investments in various sectors. They led the Series B funding round and participated in the Series C funding round for Provi.
  • Investment Focus Areas: Long-term value creation, various sectors.
  • Notable Investments: Not publicly disclosed.
• FJ Labs
  • Details: FJ Labs is a venture capital firm that invests in early-stage companies. They are one of the investors in Provi.
  • Investment Focus Areas: Not publicly disclosed.
  • Notable Investments: Not publicly disclosed.

What's Next for Provi?

Provi stands at the cusp of significant growth, with opportunities to expand its market presence and enhance its platform capabilities. The company aims to increase its market share from 10% to 25% of the US market by the end of 2022, tapping into a $250 billion industry. This expansion is bolstered by the recent $75 million Series C funding, which will be used to hire new staff and scale operations.

Future fundraising opportunities seem promising, given Provi's rapid growth and the substantial investments it has already attracted. The company may continue to draw interest from investors looking to capitalize on the digitalization of the beverage alcohol industry. However, challenges such as competition from other platforms and managing rapid growth could pose hurdles along the way.

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