While Vivino has been identified for its wine discovery service for some time, the corporate is now being remodeled by its wine market, whose speedy development has helped it entice a brand new $20 million spherical of funding.
“We are on a mission to allow all of our customers to find and simply buy any wine obtainable in the marketplace,” Vivino founder and CEO Heini Zachariassen stated in a press release.
The newest funding comes about two years after the corporate raised $25 million in a spherical led by SCP Neptune International, the funding arm of former Moet Hennessy CEO Christophe Navarre. The new spherical was once more led by SCP Neptune International and brings Vivino to a complete of $57 million raised. Other VCs collaborating within the new spherical embody Balderton Capital, Creandum, SEED Capital Denmark, and Iconical.
Founded in Denmark in 2010, Vivino now lists its headquarters as San Francisco. Its app permits individuals to trace wines they’ve tried, scan labels, and price and touch upon the wine. The app makes use of these evaluations to construct profiles and suggest wines to customers.
Over the previous two years, Vivino has seen its consumer base develop from 13 million to 29 million. As a part of that development, the corporate final yr launched a wine market that allowed customers to buy most of the wines for supply by way of its platform.
The firm says it now affords greater than 130,000 wines for buy and that its market gross sales have elevated by 4 occasions for the reason that launch.
Vivino plans to make use of the brand new funding capital to additional develop its service and broaden its staff. It additionally hopes to launch quickly in Hong Kong and is betting it may well attain $1 billion value of wine purchases by 2020.
This article sources data from VentureBeat