gets USD10 million new funding

By IVCPOST Staff Reporter

Aug 22, 2013 11:33 AM EDT is an online customer-funded wine retailer based in Norwich, England. The company had received USD10 million in new funding from WIV Wein International AG. The latter is a German group of direct wine-selling companies. The new funding would be used by on its planned expansion into the Australian and US markets.

The business model of the online wine retailer had allowed its clients to sponsor independent winemakers. In return, customers who funded winemakers would get around 25% to 50% discount on the retail price of the wine and exclusive promotion. The site currently has 150,000 Angel investors who invested USD40 million in 130 winemakers globally. The company had shipped more than 10 million wine bottles every year.

In 2012, the sales of increased to USD50 million. This was according to a data declared by the company indicating its debut profit of USD1.5 million. Last year, Naked Wines became available to US and Australian customers after having been launched in Britain last 2008.

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