Vivino announced raising $155 million in a round led by Kinnevik AB
Vivino, a Copenhagen, Denmark-based operator of an online wine community and ecommerce platform, announced signing off an $155 million investment deal.
The deal totals capital raised to the books as well as secondary transactions, all led by the Swedish investor Kinnevik in order to join existing shareholders Creandum and GP Bullhound together with additional investor Sprints Capital.
The new capital will enable Vivino to improve its core technology and artificial intelligence platform to create better and more personalized recommendations for its users. The company will also deepen its focus on select markets with the greatest potential for growth, including the US, Germany and the UK.
and most downloaded wine app with over 50 million users, who turn to the platform for its personalized recommendations, unbiased ratings, and selection of wines from more than 700 marketplace partners worldwide.
Vivino, founded in 2009 by Heini Zachariassen and Theis Søndergaard, started as a mobile app centered around a wine-based social community. The company now built an ecommerce platform around its social network, with a significant scale of $250 million in GMV and profitability despite only converting circa 1.5% of app users to buyers.
Vivino previously raised almsot $60 million.