Spiritrade, the global drinks exchange, has raised $2 million in the first tranche of its Series A funding.
Since launching in 2019, Spiritrade has led the way in helping global drinks businesses trade stock inventories with complete safety and efficiency.
The Series A funding will support business expansion to new markets in order to meet surging demand from global drinks businesses.
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, Founder and CEO of Spiritrade, comments:
“With this additional capital, our innovation velocity will accelerate. In turn, we are set to onboard more businesses by growing our team both 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 this trajectory.
Spiritrade’s proprietary 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 is working directly with some of the world’s largest brand owners and warehouses to assist in selling and distribution to global markets.