Very big news overnight in the alcohol B2B marketplace sector.
Provi & SevenFifty announced that they will be merging & launching B2B marketplace. Only a matter of time until they IPO on Nasdaq & DW8 could become a takeover target for expansion into Australia/New Zealand. DT has regular chats with them so will be interesting to get his feedback at the quarterly webinar.
B2B PAYMENTSProvi, SevenFifty Team to Launch B2B Alcohol eMarketplace
Alcohol eCommerce companiesProviandSevenFiftyare joining forces to make a new combined marketplace for the alcoholic beverage industry, apress releasesaid Tuesday (Jan. 25).
The deal will allow retailers to see a more streamlined operation.
The release said Provi’s marketplace has a communications system allowing for a restaurant, bar or store to order all their beverages in one place.
Meanwhile, SevenFifty has a web-based and mobile-tech-based eCommerce marketplace, connecting buyers, distributors and retailers on the supply chain.
“We are thrilled to start working with Aaron, Gianfranco and the entire SevenFifty team,” saidTaylor Katzman, CEO, Provi. “SevenFifty has spent the last decade thoughtfully building innovative tools for distributor sales reps, while creating a highly detailed wine and spirits content database. We look forward to rolling up our sleeves and delivering the best user experience for licensed retailers and distributor sales reps throughout the industry.”
Meanwhile,Aaron Sherman, CEO of SevenFifty, said the partnership would be a fruitful one.
“We have admired Taylor and the Provi team’s laser focus on creating the industry’s best eCommerce experience for licensed retailers,” said Sherman. “We believe strongly that the complementary strengths of our organizations can pave the way for the rapid digital transformation taking place across the industry and, together, bring us closer to the mission of powering a truly connected three-tier supply chain. We couldn’t be more excited to join forces with Provi to achieve this mission.”
PYMNTS wrote that alcohol delivery has seen expansions over the pandemic. For instance, Vermont Information Processing (VIP) will make use of Financial Transmission Network (FTNI)’s ETran service to power its mobile payment offering for brewers, distributors, wineries and soft drink bottlers.
See more:FTNI Helps VIP Beverage Distributors Add Mobile Payments
VIP uses tools like route accounting, sales execution, warehouse management and delivery to help make businesses run better. Over 50% of the U.S.’s beer volume is supported by that.
By partnering with FTNI, the company will get the benefits of advanced payment acceptance and cash applications.
January 26, 2022 11:20 AMUPDATED 12 HOURS AGO
Provi, SevenFifty Join Forces to Create Expanded B2B Marketplace
Integration aligns two best-in-class beverage alcohol e-commerce solutions, creating the preeminent destination for all three tiers of alcohol beverage industry
NEWS PROVIDED BY
ProviJan 25, 2022, 16:54 ET
CHICAGO,Jan. 25, 2022/PRNewswire/ -- Provi©(www.provi.com) and SevenFifty©(www.sevenfifty.com) announced today they are joining forces to create a unified and expanded marketplace for the beverage alcohol industry. The deal brings together two alcohol e-commerce companies with a shared focus on digital transformation and will provide a robust e-commerce marketplace and distributor tool-kit, aiming to streamline operations for licensed retailers, distributors and their sales representatives.
"We are thrilled to start working with Aaron, Gianfranco and the entire SevenFifty team," saidTaylor Katzman, CEO, Provi. "SevenFifty has spent the last decade thoughtfully building innovative tools for distributor sales reps, while creating a highly detailed wine and spirits content database. We look forward to rolling up our sleeves and delivering the best user experience for licensed retailers and distributor sales reps throughout the industry."
Provi's online marketplace streamlines the beverage ordering process between retailers and distributors via its robust communication system. Provi allows restaurants, bars and stores to order all their beverages in one place, saving retail establishments an average of 20 staff hours per month. In 2021, Provi announced that 10 percent of licensed retailers in the U.S. are now utilizing its e-commerce marketplace. The company has received a total of$125 millionin funding and, earlier in 2021, was valued at$750 million.
"We have admired Taylor and the Provi team's laser focus on creating the industry's best e-commerce experience for licensed retailers," saidAaron Sherman, CEO, SevenFifty. "We believe strongly that the complementary strengths of our organizations can pave the way for the rapid digital transformation taking place across the industry and, together, bring us closer to the mission of powering a truly connected three-tier supply chain. We couldn't be more excited to join forces with Provi to achieve this mission."
SevenFifty provides a web-based and mobile-technology-based three-tier e-commerce marketplace that connects buyers, distributors and retailers across the supply chain in an integrated sales and marketing toolkit. The company also owns and publishes SevenFiftyDaily, an award-winning online magazine and the industry's go-to publication for all things business and culture of drinks.
"Having worked with both Provi and SevenFifty for more than two years, I can say that this integration is a win-win-win for all three tiers of the alcohol beverage industry, but especially the distribution side," saidLowell Goldman, president,Lipman Brothers. "Combining the portfolios from both Provi and SevenFifty into an expanded marketplace will not only improve the online experience for our customers but will also create more time for our sales reps to focus on the personal interaction with our customers that is vital to our business."
About Provi (www.provi.com)Founded in 2016 inChicago, Provi is the fastest growing B2B e-commerce marketplace for the beverage alcohol industry. Currently active in over 30 states, Provi's digital marketplace grants retailers a robust, contactless system to place all of their orders 24/7 and improves communication and efficiency for retailers, distributors and suppliers. Provi's investors include Addition, Bessemer Venture Partners, CPMG, D1 Capital Partners and Nosara Capital.www.provi.com.
About SevenFifty (www.sevenfifty.com) SevenFifty brings innovative technology and data insights to the beverage alcohol industry with next-generation solutions that power the three-tier supply chain. The company's people-first approach to technology enables producers, distributors, importers, retailers, and restaurants with the tools they need to connect with each other and do business in a modern world.www.sevenfifty.com
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