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BevSpot to Accelerate Product Development After Raising $11M in Series B Funding

BevSpot, the web-based software platform that streamlines beverage management for the hospitality industry, announced today that it closed an $11 million Series B funding round, led by existing investor Bain Capital Ventures, with participation from other inside investors and new investors. Founded just over two years ago, BevSpot has raised a total of approximately $19 million, having closed a $5 million Series A round one year ago.
The company will use the funds to accelerate its product development timeline and continue its expansion into other markets, helping customers globally in the trillion dollar beverage industry.
BevSpot’s mobile tools allow users to conduct alcohol inventory and invoice management seamlessly on any mobile device, and its point of sale compatibility enables BevSpot to serve as the system of record for end-to-end business metrics including invoicing, inventory, and sales data. Leveraging this data, BevSpot’s analytics and visualization functionality delivers powerful insights that help customers increase the efficiency and profitability of their businesses.
East Coast Tavern Group, a five-location restaurant group in the Boston area and one of BevSpot’s early users, notes that on top of cutting inventory and ordering time down by 70%, “We can keep track of what we’re using weekly, figure out what’s not selling, and get rid of it.” Bar Manager for the group, Oran McGonagle, attributes increased profitability to BevSpot enabling their bars to order only what they need, and reduce sitting inventory, “BevSpot improved our liquor costs by a 3-4% profit.”
Over the past two years, BevSpot has grown to more than 80 employees to serve a rapidly expanding base of more than 400 customers, including restaurants, bars, hotels, nightclubs, and other establishments that manage beverage programs in more than 40 states and select international markets.  
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