invino Announces Third Year Consistent Growth and Series A Funding
SONOMA, Calif., June 24, 2013 /PRNewswire/ -- invino, the flagship property of Good Company Wines and the original private sale site for wine, today announced three years of consistent financial growth since its March 2010 launch.
Founded by wine-industry and startup veterans, invino's mission is bringing unprecedented wine discovery and value to the online wine world. Members enjoy access to a highly curated wine selection, from artisan productions to well-known brands, at preferred pricing.
"We've seen 100% growth every year in business since inception," says invino Founder and CEO Tony Westfall. "Membership, revenue, and LTV have consistently shown triple-digit growth. Benefitting from vision and leadership that have remained virtually unchanged, our infrastructure is de minimis; we're on track for Q4 profitability."
"It's exciting for us and wine online as a whole, proving there is a profitable model for engaging an array of wine consumers, without raising tens of millions of dollars."
invino's three-year success stands out from an influx of young 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 US.
To further integrate technology into personalized wine discovery, invino is poised to launch inclub (inclub.invino.com) this summer, a bespoke wine club allowing members to custom-build their subscription based on hundreds of metadata factors.
Financial Foundation and Leadership:
To date, invino has raised well over $3 million in Venture Capital. Investors include DN Capital (also 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, CA 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.
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