February 8, 2017
FORT WAYNE, Ind., — 3BG Supply Company (3BG), based in Fort Wayne, Indiana recently completed its $600k seed financing, which included an investment by Indianapolis-headquartered Elevate Ventures through the Indiana Angel Network Fund.
3BG is a technology-enabled distribution company focused on creating centralized data solutions and utilization of product information to improve the selling process. The team is initially focused on creating the industry’s most comprehensive ‘interchange’ database for Industrial MRO products such as bearings, electric motors, sprockets, chain among numerous other product categories. The problem they are solving is the “decentralization” of product data making it difficult to purchase products industry-wide. The founders have grown the tech-enabled distribution component of the business to over $1.2MM in annual revenues, 6 team members hired, a network of over 350 product vendors, and 1,200+ customers serviced prior to seeking growth capital to advance their technology initiatives.
“The 3BG Supply team has done an outstanding job building this company with no outside capital to date,” said Chris LaMothe, Chief Executive Officer of Elevate Ventures. “We are excited to support their next phase of growth into one of potential market leaders.”
The company’s efforts to eliminate paper catalogs and mission to “simplify & supply” has been adopted because of the wide range of industry product data challenges which are inherently critical and costly for distributors; damaging relationships and undermining sales. 3BG aims to provide customers the most user-friendly and robust system for not only interchanging parts, but ordering them as well.
About 3BG Supply Co.
3BG Supply Co is located in Fort Wayne, Indiana, and is a technology enabled distribution company creating the industry’s largest ‘interchange’ database for Industrial MRO products such as bearings, electric motors, sprockets, chain etc. The problem they are solving is the the “decentralization” of product data making it difficult to purchase products industry wide. For more information, please visit www.3bgsupply.com
About Elevate Ventures
Elevate Ventures is a private venture development organization that nurtures and develops emerging and existing high-potential businesses into high-performing, Indiana-based companies. Elevate Ventures accomplishes this by providing access to capital, rigorous business analysis and robust advisory services that connect companies with the right mix of resources businesses need to succeed long-term. To learn more about Elevate Ventures, its team and its funds under management, visit www.elevateventures.com