U.S. alcohol marketplace Provi raises $75 million in latest funding

(Reuters) - Provi, a U.S. wholesale alcohol e-commerce platform that serves bars and restaurants, told Reuters on Monday it had raised $75 million in its latest funding round, bringing the company’s valuation to $750 million.

The latest funding, led by D1 Capital Partners with participation from Bessemer Venture Partners, came in a few months after the Chicago-based startup raised $25 million as it benefited from the e-commerce surge during the COVID-19 pandemic.

The company’s revenue tripled in the past year to “tens of millions”, founder and Chief Executive Officer Taylor Katzman said in an interview on Monday.

“We’re going to continue to ramp up our sales efforts, and are very focused on both the retailer and the distributor side,” Katzman said.

Provi allows retailers to search and order products from wholesalers nation-wide and charges wholesalers a fee to integrate with the platform.

Nilam Ganenthiran, former president at delivery startup Instacart, also participated in the funding round and will be joining Provi as a board member.

Reporting by Krystal Hu in New York; Editing by Sherry Jacob-Phillips