Source: 365 Retail Markets | Released February 11, 2014
Troy, Michigan (PRWEB) February 11, 2014 -- 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 their capacity for delivering their award-winning MicroMarket technology, further product development and begin international expansion of their product line. Since its founding, 365 Retail Markets has averaged over 300% annual growth due in part to their strategic partnership with Plymouth.
"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 MicroMarket 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.
Plymouth Ventures showed initial interest in 365 Retail Markets due to their 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 MicroMarket 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.
About Plymouth Venture Partners II, L.P.
Fund II is a follow-on to Plymouth Venture Partners Fund I. PVP I became fully invested in 2009 after completing investments in 29 companies. Plymouth Venture Partners II invests in growth-stage companies in the Great Lakes region and is almost fully deployed. For more information, please visit http://www.plymouthvc.com.
About Plymouth Ventures
Plymouth Ventures is the manager for Plymouth Venture Partners I, Plymouth Venture Partners II, and Plymouth Venture Partners III. The company has four partners, Mark Horne, Ian Bund, Jeff Barry and Kevin Terrasi. It is headquartered in Ann Arbor, Michigan. For more information, please visit http://www.plymouthvc.com.
About Resource Partners III
Resource Partners III (RPIII) is the seed investment fund created and led by Caston Capital Partners, LLC, to invest in 365 Retail Markets. RPIII closed its first seed round in 365 Retail Markets in December 2011. CCP, LLC is headquartered in and managed in Estero, FL.
About 365 Retail Markets
365 Retail Markets, an expanding self-checkout technology company based in Troy, Michigan, offers the best in class platform for vending, foodservice, and hospitality. Its proprietary 365 MicroMarket is a turnkey unmanned market that allows customers to increase sales, improve the customer experience, and increase profits, while decreasing operating costs. 365 Retail Markets has been pioneering innovation in the vending industry for over 5 years and continues to revolutionize the market with superior technology and ultimate flexibility in customization and branding.
For more information about 365 Retail Markets, visit http://www.365retailmarkets.com. You can also join 365 Retail Markets on Facebook, Twitter, Google+, YouTube and LinkedIn.
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