SevenFifty, a New York-based online platform for wholesale alcohol sales, closed an $8.5M Series A round of funding.
The round was led led by Formation8, with participation from Pritzker Group VC. As part of the investment, Drew Oetting from 8VC joins SevenFifty’s board.
The company will use the funds to continue to expand operations.
Launched in 2012 and led by CEO Aaron Sherman, SevenFifty operates an online platform for the wholesale wine and spirits industry. The company’s technology platform offers a real-time database that standardizes disparate data sets and provides educational information on a wide variety of wines and spirits including product details like age and region, labels, and more.
Today, the platform is used by over 700 distributors across 30 states representing roughly $20B in combined annual sales and over 30,000 buyers, ranging from small and local bars and retail locations, to fine dining restaurants, restaurant chains, and large retailers.