Provi and SevenFifty announced on January 25, 2022 they are joining forces to create a unified and expanded marketplace for the beverage alcohol industry. The deal brings together two alcohol ecommerce companies with a shared focus on digital transformation and will provide a robust ecommerce 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,” said Taylor Katzman, the CEO of 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 ecommerce marketplace. The company has received a total of $125 million in funding and, earlier in 2021, was valued at $750 million.
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“We have admired Taylor and the Provi team’s laser focus on creating the industry’s best ecommerce experience for licensed retailers,” said Aaron Sherman, the CEO of 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 ecommerce marketplace that connects buyers, distributors, and retailers across the supply chain in an integrated sales and marketing toolkit. The company also owns and publishes SevenFifty Daily, 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,” said Lowell Goldman, the president of 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.”
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Founded in 2016 in Chicago, Provi is the fastest growing B2B ecommerce 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.
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.