Wine discovery app Vivino raises $20 million as its ecommerce business takes off
While Vivino has been known for its wine discovery service, the company is being transformed by its wine marketplace which has seen rapid growth.
That momentum has helped the company attract a new round of $20 million in venture capital, which it announced today.
“We are on a mission to enable all of our users to discover and easily purchase any wine available on the market,” Vivino’s founder and CEO Heini Zachariassen said in a statement.
The latest round comes about two years after the company raised $25 million in a round that was led by SCP Neptune International, the investment arm of former Moet Hennessy CEO Christophe Navarre. The new round was again led by SCP Neptune International, giving Vivino a total of $57 million raised since its founding in 2010. Other VCs participating in the new round include Balderton Capital, Creandum, SEED Capital Denmark and Iconical.
Founded in Denmark, Vivino now lists its headquarters as San Francisco. Its app allows people to track the wines they’ve tried, including a label scanner, and to rate and comment on them. The app uses those reviews to build profiles and recommend wines to users.
Over the past two years, Vivino has seen its user base grow from 13 million to 29 million. But as part of that growth, the company last year launched a wine marketplace that allowed users to purchase many of the wines for delivery via the platform.
The company says it now offers more than 130,000 wines for purchase, and that it’s marektplace sales have increased by four times since the launch.
Vivino plans to use the new investment capital to further development of its service and for expanding its team. It also hopes to launch soon in Hong Kong, and is betting it can reach $1 billion worth of wine purchases by 2020.Posted on: February 14, 2018, by : techno