June 7, 2013 @ 9:08 am
Ann Arbor, MI— Plymouth Management Company (“PMC”) announces its ninth investment from Plymouth Venture Partners Fund II (“PVP II”), leading a financing round in 365 Retail Markets of Troy, Michigan. 365 supplies hardware and software to vending operators who want to replace conventional vending banks with unmanned, small stores (SmartShop or Micro Markets), and is currently in a high growth phase. A 365 SmartShop is a 24/7 unmanned self-checkout retail outlet that can offer fresh food and beverage alternatives at a significant return on investment to vending operators. Micro Markets are quickly showing up in hotels, self-contained professional buildings, hospitals, schools/universities, assisted living facilities, gyms, and manufacturing facilities.
Plymouth was attracted to 365 due to its talented management team, their leading position in the Micro Market industry, and their high growth rate.
Mark Horne, PMC’s Chief Executive Officer, commented, “365 is at the forefront of the rapidly growing Micro Market business. We believe it to be the fastest growing second stage company in Michigan right now. It is great to hear from colleagues from across the country telling us that a 365 Micro Market just went up in their building. We look forward to assisting 365’s accelerated growth in this exciting new industry.”
Joe Hessling, 365 Retail Markets’ Chief Executive Officer, added, “As a lifelong Michigan resident and serial entrepreneur, I am thrilled to be working with Plymouth to grow this great Michigan company. We’ve grown from 15 to 45 team members in the last six months, all in an effort to service our 300% annual growth rate. The wisdom Plymouth brings, as well as their sense of community, is aligned with our desire to continue to grow in Michigan.”
Plymouth Management Company Partner Jeff Barry will take a Board seat with the company and assist 365 in achieving further growth.
About Plymouth Venture Partners II, L.P.
Fund II is a follow-on fund 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. For more information, please visit www.plymouthvc.com.
About Plymouth Management Company
Plymouth Management Company is the manager for Plymouth Venture Partners I and Plymouth Venture Partners II. The company has three partners, Mark Horne, Ian Bund, Jeff Barry, and Kevin Terrasi. It is headquartered in Ann Arbor, Michigan. For more information, please visit www.plymouthvc.com.
About 365 Retail Markets
365 Retail Markets, an expanding self-checkout technology company based in Troy, Michigan, offers a best in class platform for vending, foodservice, and hospitality. Its proprietary 365SmartShop is a turnkey unmanned MicroMarket 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 www.365retailmarkets.com. You can also join 365 Retail Markets on Facebook, Twitter, Google+, YouTube, and LinkedIn.