The round was 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.'

'The hospitality industry is one of the last staple industries still operating without world-class, web-based software, forcing individual establishments and the industry as a whole to operate largely offline without access to critical, real-time data,' said BevSpot CEO and Co-founder Rory Crawford. 'Our goal is to provide every single business in the industry with the insights it needs to become more efficient and successful. We have an opportunity to deliver the most powerful and intuitive software to help move this entire industry online.'

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. Ajay Agarwal, Managing Director at Bain Capital Ventures, noted 'the process of managing the supply chain, pricing and profitability of the huge alcohol industry is completely antiquated and opaque. BevSpot's SaaS solution brings this industry into the cloud with a combination of data and automation. With the new round of funding, BevSpot can continue to grow its market leadership.'

About BevSpot

BevSpot is a web-based software platform for the trillion dollar beverage industry replacing traditional pen and paper processes with powerful mobile tools that help hospitality businesses more efficiently manage their beverage programs. Founded in 2014 by HBS and MIT technical cofounders, BevSpot provides customers with real-time access to end-to-end business metrics and powerful analytics that help increase their efficiency and profitability. Through aggregated customer data, BevSpot provides the industry's only source of real-time market data that enables all businesses in the industry (including suppliers, distributors, retailers, and consumers) to stay on top of changing consumer trends and better manage their businesses.

About Bain Capital Ventures

Bain Capital Ventures (BCV) partners with disruptive B2B founders to accelerate their ideas to market. The firm invests from seed to growth in enterprise software, infrastructure software and industries being transformed by data. BCV has helped to launch and commercialize more than 200 companies since 1984 including select prior investments in DocuSign, Kiva Systems, LinkedIn, Rapid7, SurveyMonkey and TellApart. BCV has approximately $3 billion of assets under management and offices in the Bay Area, New York City and Boston. Follow BCV at @BainCapVC or visit www.baincapitalventures.com.