The recent injection of capital will go towards increased sales and marketing efforts, national expansion, ongoing product development, and additional customer success resources.
The round was co-led by Dynamism Capital and Golden Section Ventures, with participation from Stage 2 Capital, Hustle Fund, Bridge Investments, Tiller Partners, Irish Angels, Operate Studio, Silicon Beach Investment Group, and Gryphon Ventures.
We are really excited about our investment in Bevz and the opportunity to disrupt the untapped convenience store market. They have an exceptional team with deep industry, operational, and technical expertise" said Andrew Smith, Partner at Golden Section Ventures. "Even with a tough, disaggregated customer base, they've proven that they can scale fast, while maintaining capital efficiency."
The company recently pivoted from a delivery app to a B2B SaaS platform, helping them reach some notable milestones that aligned with the most recent raise:
- Hundreds of convenience stores actively using their SaaS platform across 10 states in the U.S
- Tripled ARR year-over-year
- 15+ API (Application Programming Interface) integrations with companies like DoorDash, GrubHub, Uber, Core-Mark, Plaid, Stripe, DocuSign, and more
- Maintained 93% conversion from free trial to paid subscription and 99% monthly retention
- Helped convenience stores increase their revenue by ~$2k/month on average
The latest news also comes on the heels of Bevz's recent growth announcement, highlighting many big-ticket company wins, from notable new partnerships in place with the likes of DoorDash and GrubHub to roll-out in hundreds of stores.
"We're on a mission to power the hyper-local snack and drink industry by modernizing convenience stores. We have a ton of work to do, but I know that we have the right team, technology, and strategy in place to make it happen," said Jason Vego, the CEO of Bevz.