Most companies like to brag about their double-digit revenue growth. Some can even talk about triple-digits; 365 Retail Markets wants to tell you about its quadruple-digit revenue increase.
The Troy-based tech company has grown 1,500 percent in the last three years. In that time it has expanded its staff to 50 people after hiring 15 in the last year, and has become a multi-million-dollar firm.
"We work in an industry that really hasn't innovated much in the last 20 years," says Matthew Caston, chief strategy officer at
365 Retail Markets.
365 Retail Markets describes its platform as "MicroMarket technology" that serves the vending, foodservice and hospitality industries with a goal of fundamentally transforming the way employees view their break room. The company offers a 24/7 unmanned self-checkout system that serves fresh food and beverage alternatives at workplaces across the U.S.
"Higher-end customers want higher-end solutions," Caston says. "Employers want to give their employees more options. The trend of snacking healthily also adds to that."
Caston estimates that 365 Retail Markets has captured less than 1 percent of the market, giving the company a huge ceiling to strive for.
"We're on the tip of the sword here," Caston says. "We are very early in penetrating the entire market."
Source: Matthew Caston, chief strategy officer at 365 Retail Markets
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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