Spiritrade is the B2B Global Drinks Exchange catering to brand owners, wholesalers, distributors, and retail groups looking to trade inventory more securely, discreetly, and efficiently. Starting in 2019, the company has been leading the way in helping the drinks trading industry to grow and develop.
Pioneering making trading easy for the industry, Spiritrade has grown a lot. They focus on helping global drinks businesses trade stock inventories with complete safety and efficiency. In the last year alone, its unique marketplace has grown exponentially, and it now has over 550 members in over 95 countries, and the numbers continue to grow.
The company started with a focus on spirits which also inspired the name of the company. Thanks to the demand from its members, Spiritrade started developing new partnerships with other companies, extending the categories of products to breweries, distilleries, wines and champagne houses.
Spiritrade is becoming a selling channel for leading brand owners who want complete control over their listings whilst selling into the intended markets. Furthermore, all members can transact and negotiate through a click of a button, making drinks trading much more seamless and efficient.
The Series A funding will support business expansion to new markets to meet global drink businesses’ surging demand.
Spiritrade previously raised $1 million in its Seed round. Now, with $2 million secured from Tranche 1, Spiritrade expects Series A to close with significant investment to enable its growth plans.
Jimmy Metta is the Founder and CEO of Spiritrade. Having been in the industry for over 23 years and founded two successful businesses (Vanquish and 31Dover.com), it became clear to Jimmy that there were significant inefficiencies and unnecessary waste in how the industry operates.
Jimmy Metta, Founder and CEO of Spiritrade, comments:
“With this additional investment, our innovation velocity will accelerate. In turn, we are set to onboard more businesses by growing our team in the UK and Asia to capitalise on the strong demand from the global drinks industry.
“Spiritrade is already revolutionising the way drinks are traded, becoming a benchmark for product pricing in the secondary and global markets. This investment will ensure we continue to keep our project alive.”
Spiritrade’s technology facilitates trades in secure and anonymous environments, all whilst reducing carbon emissions of stock by reducing travel and wastage.
Now visible in over 100 countries, Spiritrade works directly with some of the world’s largest brand owners and warehouses to assist in selling and distributing to global markets.
With all the funding, Spiritrade will launch its latest platform version in the coming weeks, including a brand-new interface and user experience, making it easier to transact. Every new feature has been carefully thought out to guarantee it fully accommodates customers’ needs.
