The round was led by an existing investor, Bain Capital Ventures, with the participation of other inside investors and new investors. Founded just over two years ago, BevSpot raised a total of approximately $19 million, having closed the $5 million Series A round one year ago. The company will use the funds to accelerate its product development timeline and continue to expand to other markets, helping customers worldwide in the trillion dollar beverage industry.
BevSpot’s mobile tools enable users to perform alcohol inventory and invoice management seamlessly on any mobile device, and its point of sale compatibility enables BevSpot to serve as a record system for end-to-end business metrics, including billing, inventory and sales data. Using this data, BevSpot’s analytics and visualization functionality provides powerful insights that help customers increase the efficiency and profitability of their businesses.
East Coast Tavern Group, a five-location restaurant group in the Boston area and one of BevSpot’s early users, notes that, in addition to cutting inventory and ordering time down by 70%, ‘we can keep track of what we’re using every week, figure out what’s not selling, and get rid of it. ‘Bar Manager for the group, Oran McGonagle, attributes increased profitability to BevSpot, allowing their bars to order only what they need, and to reduce sitting inventory,’ BevSpot improved our liquor costs by 3-4% profit. ”
‘The hospitality industry is one of the last major industries still operating without world-class, web-based software, forcing individual establishments and the industry as a whole to operate largely offline without access to critical, real-time data,’ said BevSpot CEO and co-founder Rory Crawford. ‘Our goal is to provide every single business in the industry with the insights it needs in order to become more efficient and successful. We have the opportunity to deliver the most powerful and intuitive software to help move the entire industry online. ”
Over the last two years, BevSpot has grown to more than 80 employees, serving a rapidly expanding base of more than 400 customers, including restaurants, bars, hotels, nightclubs and other establishments that run beverage programs in more than 40 countries and select international markets. Ajay Agarwal, Managing Director of Bain Capital Ventures, said: ‘The process of managing the supply chain, pricing and profitability of the huge alcohol industry is completely out of date and opaque. The BevSpot SaaS solution brings this industry to the cloud with a combination of data and automation. With the new funding round, BevSpot can continue to grow its market leadership ”
On the BevSpot
BevSpot is a web-based software platform for the trillion dollar beverage industry, replacing traditional pen and paper processes with powerful mobile tools that help hospitality businesses manage their beverage programs more efficiently. Founded in 2014 by HBS and MIT technical co-founders, BevSpot provides customers with real-time access to end-to-end business metrics and powerful analytics that help increase their efficiency and profitability. Through aggregated customer data, BevSpot provides the industry’s only source of real-time market data that enables all companies in the industry (including suppliers, distributors, retailers and consumers) to stay on top of changing consumer trends and better manage their businesses.
About Bay Capital Ventures
Bain Capital Ventures (BCV) partners with disruptive B2B founders to accelerate their market ideas. The company is investing from seed to growth in enterprise software, infrastructure software and data processing industries. Since 1984, BCV has helped launch and commercialize more than 200 companies, including selected prior investments in DocuSign, Kiva Systems, LinkedIn, Rapid7, SurveyMonkey and TellApart. BCV has approximately $3 billion in assets under management and offices in the Bay Area, New York City and Boston. Follow BCV on @BainCapVC or visit www Bain-capital ventures Come on,
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