Danish-founded Vivino, the online wine marketplace, has raised $20 million in a Series C round led by SCP Neptune International, the investment firm of Christophe Navarre, former CEO of Möet Hennessy, which previously backed the company.
Balderton Capital, Creandum, SEED Capital, and Iconical also participated in the round, bringing Vivino’s total funding to $57 million.
According to the company, it now has 29 million users on its ecommerce service for buying and reviewing wine with sales quadrupling between 2016 and 2017. Sales and recommendations on wine are powered by data collected and analysed from each user.
“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,” said CEO Heini Zachariassen.
The company, now based in San Francisco, will be investing the new round of cash in further product development and boosting revenues by entering new markets, namely Honk Kong, it said, with the aim of selling $1 billion worth of wine by 2020.