365 Retail Markets, a vending and foodservice technology company, has completed a Series A funding round. This multi-million dollar financing round was led by Plymouth Ventures (Fund II).
As a result of this round, 365 Retail Markets will be able increase its capacity for delivering its award-winning micro market technology, further product development and begin international expansion of their product line. Since its founding, 365 Retail Markets has averaged over 300 percent annual growth due in part to its strategic partnership with Plymouth, according to the release.
“Plymouth has been a huge factor in our success dating back as far as the initial seed funding in 2011. We’re excited to be furthering our partnership with Plymouth and Resource Partners III while we continue to grow our company and deliver the best available micro market solutions in the industry. This funding gives us a great opportunity to meet customer demand and continue pushing out new, innovative products to consumers and vending operators around the world,” said Joseph Hessling, CEO of 365 Retail Markets, in a prepared statement.
Plymouth Ventures showed initial interest in 365 Retail Markets due to its rapid year-over-year growth in a brand new industry and the overwhelmingly positive response from the vending community in regards to their product line.
“Plymouth is very pleased to have made this investment in 365,” Jeff Barry, partner at Plymouth Ventures, said of 365 Retail Markets. “We have known about Joe Hessling and 365’s extraordinary growth over the past three years and looked for the opportunity to partner with them. We believe this capital infusion is perfectly timed as 365 exceeded $10 million in annual revenue in 2013. This achievement is even more impressive when taking into account how quickly they’ve reached it and the small amount of capital it took to get there. The micro market segment is growing rapidly and 365 is a pioneer in the industry. We look forward to a strong partnership between Plymouth and 365 as the company continues to grow.”
With Series A financing secured, investment and partnership with AirVend, a touchscreen vending solutions company, finalized, and several new, exciting product and software developments slated for launch, 365 Retail Markets has positioned 2014 as their most successful year to date.