WILMINGTON – Kurt Taylor, the founder and CEO of Wilmington startup Next Glass, has left his role as the firm’s top executive.

The move came in late March as a private equity firm – Providence Strategic Growth which is part of Providence Equity Partners – made an investment in the company described as a “significant growth investment.”

Trace Smith, the chief operating officer, was promoted to CEO, the company told WilmingtonBiz which reported the news Thursday. The amount of investment was not disclosed and Taylor’s family still holds some share in ownership.

Taylor remains a member of the firm’s board. Launched in 2013, Next Glass delivers personalized beer and wine recommendations to consumers and merchants.

Next Glass is the parent of Untappd, which also is based in Wilmington. NextGlass will remain in the port city. It also has offices in Durham and Charlotte.

“As far as next steps, we have a number of projects that are in the works that PSG will help us accelerate with the primary capital they’ve invested,” Taylor told WilmingtonBiz writer Christina Haley O’Neal. “There are also really exciting opportunities for us to be a platform on which they acquire other companies in our space.

“I think this has huge potential for the company and for Wilmington because I think a lot of growth will come from these acquisitions and the primary capital they have injected into the business,” Taylor said. “My hope is that we will be able to continue to grow as quickly as we have and add more jobs and opportunities in the Wilmington area.”

In the announcement also made Thursday, the PE firm noted Smith’s role in helping build the company.

“Trace and the Next Glass team have built an exceptional brand and technology platform, with a passionate consumer base, in a highly fragmented and growing market,” said Matthew Stone, Principal at PSG. “We have been impressed by the Company’s growing offering and strong value proposition to both SMB and enterprise customers across the globe and are excited to partner with the Next Glass team to further build on their success.”

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