SevenFifty, an Online Bev/Al Platform, Raises $8.5 Million

SevenFifty, an Online Bev/Al Platform, Raises $8.5 Million

SevenFifty, an online platform used by more than 700 distributors across 30 states, closed an $8.5 million Series A round of funding.  Formation8 led the funding, with additional investors including Pritzker Group VC.  As part of the investment, Drew Oetting from 8VC joins SevenFifty’s board.

SevenFifty was launched in 2012.  More than 30,000 buyers are sourcing wines and spirits through SevenFifty, ranging from small and local bars and retail locations, to fine dining restaurants, restaurant chains, and large retailers.

“In the past, buyers at restaurants and wine and spirits stores worked exclusively through a highly incomplete printed phonebook-style directory of brands and products,” said SevenFifty CEO Aaron Sherman. “Buyers would text or email their distributor reps about what products were available, the cost of those products, shipping and delivery details and more. SevenFifty streamlines this unwieldy and time-consuming process and gives both buyers and sellers access to better information and more time to run their business.”

Here’s how SevenFifty says its platform adds value to all three tiers of the wholesale wine and spirits supply chain:

• Wholesale Distributors: Makes complete portfolios easily accessible to top buyers at restaurant and retail locations; Provides CRM tools that enable reps to better educate buyers on products and tasting events, track customer relationships, and reach new customers.
• Retail and Restaurant Buyers: The most powerful search tool available in the industry offers the ability to navigate a comprehensive listing of available products; Standardizes disparate data sets and provides detailed product information and pricing.
• Suppliers: Provides more visibility into how distributors are marketing and positioning their products; Offers a holistic and highly accurate view of what is available on the market.