Industry marketplace Spiritrade aims to make it easier for drinks retailers to sell excess stock after receiving a seven-figure cash injection.

A consortium of international and domestic investors provided the capital in a private funding round earlier this year.

Spiritrade said it would use the funds to develop its technology, adding smart features such as wish lists, stock alerts and a new user interface.

These features will make the trading experience for members even more efficient and secure, the firm said.

31Dover co-founder Jimmy Metta launched the online trading platform in 2019 ago to allow wholesalers and retailers to sell excess stock and plug gaps in their ranges.

He said: “The global drinks industry size and long standing inefficiencies make it ripe for technological disruption. Spiritrade’s proprietary technology allows members to quickly shift surplus stock as well as improve their buying capabilities.

Sellers create new revenue streams from excess stock, while buyers can source bulk global liquidity. We intend to continue solving the challenges facing the B2B drinks industry.”

Spiritrade now has more than 250 members from around the world, and around 40% are based in the UK.