Vivino, the world’s most downloaded mobile wine app and largest online wine marketplace has raised $20 million in series C funding. Since its last round of funding in January 2016, Vivino has increased its user base from 13 million to 29 million, and has grown its commerce initiative, which leverages community data to suggest personalized wine recommendations to each individual user based on their unique ratings and purchases.
This round is led by SCP Neptune International, the investment arm of industry icon, Christophe Navarre and brings Vivino’s total funding to $57 million since it was founded in 2010. Navarre, previously CEO and Chairman of Möet Hennessy and Chairman of VinExpo, also sits on Vivino’s Board of Directors. Balderton Capital, Creandum, SEED Capital Denmark and Iconical, all existing major investors in Vivino, are contributing to the round as well. Vivino was advised in this transaction by London-based merchant bank Dial Partners LLP.
The growth of e-commerce and m-commerce combined with an increasing reliance on – and demand for – trusted, crowdsourced reviews, is feeding an upward spiral in the value Vivino is creating. Vivino’s founder and CEO Heini Zachariassen said, "Vivino's 29 million users are exploring two million wines each day on the platform - creating the world's largest and most engaged wine community. In the United States alone, more than 130,000 wines are now available for purchase through Vivino from merchant partners. We are on a mission to enable all of our users to discover and easily purchase any wine available on the market.”
Vivino’s marketplace sales in December 2017 were four times that of the previous December, fueled by growth in existing markets as well as the addition of six new markets. This latest round of investment will enable Vivino to continue to develop technology that delivers a seamless multi-channel commerce experience and to further invest in its team. Vivino will also extend commerce initiatives to new markets like Hong Kong, increasing revenues and enabling Vivino to meet its target of selling $1 billion of wine by 2020.
“Since 2010,” Zachariassen says, “Vivino has spearheaded a technology revolution in the business of wine, allowing millions of wine drinkers worldwide to learn about and purchase wine through Vivino. As we continue to expand our e-commerce offering, we will maintain our leadership position by advancing technology that meets the needs of both consumers and the trade.”