Restaurant-Distributor Platform Provider BlueCart Buys Binwise
29 May 2019 - 1:15AM
Dow Jones News
By Micah Maidenberg
BlueCart Inc., which operates a platform linking restaurants and
distributors, has acquired Binwise Inc., a company that helps
restaurants manage alcoholic-beverage offerings.
Terms of the deal weren't disclosed. BlueCart Chief Executive
Konstantin Zvereff said the closely held, combined company now has
a valuation of $60 million.
A range of companies are pitching restaurants, suppliers and
others involved in the sector new technology-enabled tools that
focus on reservations, ordering, delivery, and other parts of the
business.
Founded in 2014, BlueCart runs a marketplace that allows
restaurateurs and foodservice operators to order supplies from a
range of distributors. It now has about 73,500 restaurants and
8,400 suppliers on its platform.
The Washington, D.C.-based company sells subscriptions to
wholesalers, who can use BlueCart as their customer-relationship
management program, according to Mr. Zvereff. It also sells
advertising on its platform as well as information about purchases
on the marketplace.
BinWise helps operators with purchasing, inventory and other
issues related to alcohol. BlueCart wanted to buy BinWise, in part,
to increase its presence in the beverage industry, Mr. Zvereff
said.
Some tech-centric companies focused on restaurants are finding a
home with bigger companies or merging.
In March, McDonald's Corp. (MCD) said it would buy Dynamic Yield
Ltd., a company that helps retailers better target customers with
personalized pitches.
Booking Holdings Inc. (BKNG) said earlier this month it would
purchase Venga, which helps restaurants use guest data to create
customer profiles and create more personalized dining experiences.
American Express Co. (AXP) is buying restaurant-reservations
company Resy Network Inc.
BlueCart has raised $22 million in funding from Greycroft,
BlueRun Ventures and other investors.
"The BlueCart and BinWise merger will provide the
currently-fragmented hospitality industry with a single platform
for food and beverage management. We will continue to expand the
platform to include other services through further acquisitions,"
said Dick Kramlich, chairman emeritus of venture-capital firm New
Enterprise Associates, in prepared remarks.
Mr. Kramlich has invested in both companies and will join an
advisory board for BlueCart.
(END) Dow Jones Newswires
May 28, 2019 11:00 ET (15:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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