Vivino closes $20M in series C investment funding led by SCP Neptune Capital, aims to sell more than $1 billion bottles of wine.
Vivino, a Copenhagen, Denmark-based wine company announced securing $20M in a series C investment funding round. The backers were led by SCP Neptune Capital, and included existing investors SEED Capital, Balderton Capital, Creandum and Iconical.
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 has 29 million users which scanned 538 million wine labels, and made the switch towards an ecommerce operation based on a marketplace that allows users to purchase wines via the platform.
The new investment round allows Vivino to penetrate new markets as they are now looking to extend their commerce initiative to the Asian market, starting off with Hong Kong, and aiming to sell more than $1 billion bottles of wine by 2020.
Currently, the company is headquartered in Copenhagen and has offices in USA, Ukraine and India.
Prior to this deal, Vivino raised about $37M in outside funding - Series A funding in 2013, Series B funding in 2016.