Vinomofo has announced $25 million in financing from Blue Sky Venture Capital to bolster rapid domestic growth and support operations in new markets.
The firm’s first capital raise coincides with its fifth year in business and the roll-out of a business ‘lite’ model offer into six new markets including New Zealand, USA, UK, Singapore, Hong Kong and China.
Launched from an Adelaide garage in 2011 by co-founders Andre Eikmeier and Justin Dry, the 100 people strong operation is now based in Cremorne, Victoria.
Andre Eikmeier, co-founder and joint CEO at Vinomofo, which has more than 400,000 members, says the funding will enable rapid scale for the business upon a proven and robust model, both locally and abroad.
“Vinomofo wants everyone to be able to experience good wine – that’s our mission. From what we’ve seen across the past five years in Australia, we believe that a lot of people all over the world need Vinomofo – wine lovers and makers alike, and this investment is going to help us bring our vision to life,” Andre said.
“Vinomofo has achieved 100 percent year-on-year growth for the past 12 months, we’re on track this financial year to surpass $50 million in annual revenue, and now it’s time to take our offer to the next level in Australia, and to the world.”
Dr Elaine Stead, investment director at Blue Sky Venture Capital, says Vinomofo demonstrates the performance qualities at quantum and stage sought by the fund.
“Vinomofo is a great expression of the quality of deals that come through our doors. In just five years, Andre and Justin have built a cracking business with huge scope to scale globally, which is where we come in,” Dr Stead said.
“This is why we have started fundraising for a $200 million fund, as we are now coming across companies that need at least $20 million to execute on their expansion plans.”
Andre says Blue Sky Venture Capital has not only a good track record, but shares a similarly strong human culture, and therefore is the right funding partner for Vinomofo.
“We certainly haven’t rushed into this decision to raise. We’ve valued our independence, and our culture is at the heart of what we’ve built. When it became clear to Justin and I that a raise was the right thing to do strategically, finding the right partner was paramount, and Blue Sky emerged as a clear fit,” he said.
“We’re also really proud the entire raise was funded here in Australia, with an Australian partner. It’s a good sign for the future of our start-up and growth company ecosystem.”
Blue Sky Venture Capital is a division of Blue Sky Alternative Investments (ASX: BLA).
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