Tannico, an Italian wine retailer that uses big data and AI to personalise recommendations, has raised €3.8 million in a Series A round ahead of its launch in the UK.
Tannico’s ecommerce app, founded in 2012, allows users to purchase wine from more than 1,000 wineries around Europe. The service also dedicates a section to smaller producers to help them reach a wide customer base. The startup says it uses big data and AI through its Automated Sommelier feature to build a “unique taste DNA” of its customers and make recommendations.
It currently has 40,000 customers and has sold 500,000 bottles in the last year. Tannico aims to reach €40 million in revenues by 2019, said CEO Marco Magnocavallo.
The funding round was led by P101 along with previous investors Matteo de Brabant, founder of Jakala; Maurizio di Robilant, founder of Robilant Associati; and Stefano Saccardi of Campari. The startup previously raised €1.5 million.
The startup remains based in Italy due to its proximity to producers but the founders see the UK as an important market for expanding into. France and Switzerland are also on the roadmap.
“Tannico is solving two different problems. On one side, we have more than 100,000 wineries in Italy but only a few of them have access to distribution,” explained Magnocavallo. “On the other side of the market, traditional wine shops only have a small selection of bottles and it is virtually impossible for a shop to stock more than a few hundred different wines.”
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