ANN ARBOR — Plymouth Management Co. Monday announced its ninth investment from Plymouth Venture Partners Fund II, leading a financing round in 365 Retail Markets of Troy.
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 plants.
Plymouth was attracted to 365 due to its talented management team, its leading position in the Micro Market industry, and their high growth rate.
“365 is at the forefront of the rapidly growing Micro Market business,” said PMC CEO Mark Horne. “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.”
Added Joe Hessling, 365 Retail Markets CEO: “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 percent 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 partner Jeff Barry will take a Board seat with the company and assist 365 in achieving further growth.
Plymouth Venture Partners 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.
Plymouth Management Co. 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. For more information, please visit www.plymouthvc.com.
365 Retail Markets, an expanding self-checkout technology company based in Troy, 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 more than five years and continues to revolutionize the market with superior technology and ultimate flexibility in customization and branding. More at www.365retailmarkets.com.