BevSpot, a software platform that enables mobile bar management, just announced it secured $11 million in Series B funding. The round was led by existing investor Bain Capital Ventures and has brought the company's total capital raised to nearly $19 million. With the funds, BevSpot plans to invest in making product development more efficient, in addition to expanding into new markets.
Rory Crawford, co-founder and CEO of BevSpot, told BostInno:
With these new funds, we have the opportunity to put more of our sales and marketing efforts into every major market, continue to build out a world-class team and product, and replicate the density we've accomplished in Boston in each of these new markets. We've also seen great international interest and have added accounts in select markets including Canada and Africa, and with these funds are focusing largely on greater expansion into international markets. We believe there is an extremely large market opportunity for us internationally.
Up until this point, BevSpot has developed its presence in prominent cities throughout the U.S., Crawford said. "Being a Boston company with Boston roots, Boston is still our largest market," he said, "but over the first half of this year a majority of our growth has come from other major cities including Chicago, LA, San Francisco, New York, and Denver, to name a few."
BevSpot's growth over the past two years has included more than 400 customers, such as restaurants, hotels and nightclubs. The company has grown to more than 80 employees.
According to Crawford, a lack of existing, high-caliber mobile software in the hospitality space is responsible for BevSpot's growth. He said, "The vast majority of technology in the industry is not mobile or web-based, is difficult to use, and difficult to implement. Unfortunately many businesses in the industry have been burned by these poor technology offerings in the past, so they are skeptical of the value technology can provide and resort to pen and paper."
BevSpot’s mobile platform, Crawford suggests, offers promise to establishments in need of an alcohol inventory and invoice management system, as well as access to sales data.
In addition to Bain Capital, the company's existing investors include Harpoon Brewery co-founder Rich Doyle, who's also served as a strategic advisor, Accanto Partners' Robert Doris and former NFL cornerback Domonique Foxworth.
Images via BevSpot.
