gener8tor Alumni Provi Raises $75M After Series C Funding Round
Chicago-based alcohol ordering platform Provi is in the middle of an impressive growth spurt.
On Tuesday, the startup announced the closing of its $75 million Series C funding round, which was led by D1 Capital Partners. This new funding comes a few months after the company’s $25 million Series B, meaning Provi has raised $100 million in funding this year alone.
The new round also brings the company’s valuation to $750 million, representing a 3.5x jump over the course of six months.
Provi has built an online platform that connects alcohol retailers and distributors. Typically, an alcohol retailer (think bar or liquor store) has to contact a specific alcohol distributor (think Anheuser-Busch) and order beverages via phone or paper invoice, and then do that over again to get beverages from a different company. What makes Provi special is that it puts all those distributors in one place, so ordering becomes as easy as online shopping. Provi says that this can save its customers 20 hours of labor per month on average.
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originally published on Built in Chicago, on September 21, 2021
written by Gordon Gottsegen