Australian start-up Vinomofo raises $25 million in financing from Blue Sky Venture Capital
Andre Eikmeier
Vinomofo, the most epic wine site on the planet, announced $25 million in financing from Blue Sky Venture Capital to bolster rapid domestic growth and support operations in new markets.
Vinomofo’s first capital raise coincides with the company’s fifth year in business and the roll out of a business ‘lite’ model offer into six new markets including; New Zealand, USA, UK, Singapore, Hong Kong and China. Launched from an Adelaide garage in 2011, by co founders Andre Eikmeier and Justin Dry, the 100 people strong operation is now HQ from Cremorne, Victoria.
Vinomofo is not just a retailer it’s a wine experience, by giving consumers an unparalleled offer on curation and value. A hyper-focused quality product selection sourced direct from the best producers enables Vinomofo to harness the buying power of their 400,000 wine-loving members to secure exceptional deals.
Andre Eikmeier, co founder and joint CEO of Vinomofo, said the funding will enable rapid scale for the business upon a proven and robust model, both locally and abroad.
“We want everyone to be able to experience good wine – that’s our mission. From what we’ve seen across the past five years in Australia, we believe that a lot of people all over the world need Vinomofo – wine lovers and makers alike, and this investment is going to help us bring our vision to life.
“We’ve achieved 100% YoY growth for the past 12 months, we’re on track this financial year to surpass $50 million in annual revenue, and now it’s time to take Vinomofo to the next level in Australia, and to the world,” Eikmeier said.
Dr Elaine Stead, investment director at Blue Sky Venture Capital, says Vinomofo demonstrates the performance qualities at quantum and stage sought by the fund.
“Vinomofo is a great expression of the quality of deals that come through our doors. In just five years, Andre and Justin have built a cracking business with huge scope to scale globally, which is where we come in,” Dr Stead said.
“This is why we have started fundraising for a $200 million fund, as we are now coming across companies that need at least $20 million to execute on their expansion plans.”
Andre Eikmeier said Blue Sky Venture Capital has not only a good track record, but shares a similarly strong human culture, and therefore is the right funding partner for Vinomofo.
“We certainly haven’t rushed into this decision to raise. We’ve valued our independence, and our culture is at the heart of what we’ve built. When it became clear to Justin and I that a raise was the right thing to do strategically, finding the right partner was paramount, and Blue Sky emerged as a clear fit.
“We’re also really proud the entire raise was funded here in Australia, with an Australian partner. It’s a good sign for the future of our startup and growth company ecosystem,” Eikmeier said.
Blue Sky Venture Capital is a division of Blue Sky Alternative Investments (ASX: BLA).
