invino Announces Third Year Consistent Growth and Series A Funding
SONOMA—(BUSINESS WIRE)—June 24, 2013—invino, the flagship property of Good Company Wines and the original private sale site dedicated to wine, announced three full years of consistent financial growth since its launch in March 2010.
Founded by wine-industry and startup veterans, with offices in Sonoma and San Francisco, invino continues to fulfill its mission of bringing an unprecedented level of wine discovery and value to the online wine world. Members enjoy access to a highly curated selection of wines, from artisan producers and well-known brands, sourced at preferred pricing.
“We’ve seen 100 percent growth every year in business since our inception,” says invino founder and CEO Tony Westfall. “Membership, revenue, and LTV have each consistently shown triple-digit growth. Benefitting from a vision and leadership team that have remained virtually unchanged, our current burn and infrastructure is de minimis; we are on track to be profitable by Q4.”
“It’s been incredibly exciting for us and wine online as a whole, proving there is a profitable model for engaging a wide array of wine consumers, while not having to raise tens of millions of dollars to do so.”
invino’s three-year consistency of growth success stands out from an influx of relatively new online wine retailers and distributors. The company differentiates itself in the market through its fully integrated business model, wine expertise, and technological leadership—a unique platform that has led invino to become eBay’s sole wine partner, and allows for exclusive importation of more than 100 brands into the United States.
To further integrate the use of technology in personalized wine discovery, invino is poised to launch inclub (inclub.invino.com), a bespoke wine club that allows members to custom-build their subscription based on hundreds of distinguishing metadata factors. Currently in the final stages of alpha and algorithm development, inclub will publicly launch this summer.
Financial Foundation and Leadership
To date, invino has raised well over $3 million in venture capital. Investors include DN Capital (who also sits on the Board), Founders Fund, Launch Capital, Correlation Ventures, Veddis Ventures, Super Angels, Fabrice Grinda, and Jose Marin. The Advisory Board includes wine industry and e-commerce leaders: Vincraft CEO Pete Scott, Francis Ford Coppola CEO Tracy Geldert, Totsy Co-Founder Guillaume Gauthereau, and wine industry titan Jean-Charles Boisset.
About Good Company Wines and invino
GCW is a fully integrated online wine distribution company founded by Danielle Wein-Westfall and Tony Westfall. Headquartered in Sonoma, California with offices in San Francisco, the company sources wine from around the globe to sell direct to consumer through invino.com and other strategic retail partners. invino gives members access to new wines daily, offered for 24-72 hours on average; all guaranteed to be the best price online.