Winebuyers.com continue their rapid growth after securing more than £1 million in new investment. The direct-to-consumer e-commerce platform received the substantial seven-figure investment from a combination of both private investment and via crowdfunding platform, Crowdcube.
Already boasting more than 27,000 wines from 40 different countries, London-based Winebuyers plan to invest the money in expanding their marketing and web teams.
Head of Marketing, Ciara Hinton, confirmed
“Our site currently updates once a day but it has the potential to be updated every three seconds, which is particularly useful in busy periods such as the run up to Christmas.”
Director, Ben Revell, describes Winebuyers as “an online wine members’ club” with revenue generated through subscriptions rather than wine sales.
“Subscription fees increase on a scale in terms of how many wines a company lists on the site. Fees are capped at £100 for vineyards. We currently list 27,000 bottles from 40 different countries – we got some wine from an Egyptian vineyard only this morning.”
The idea for Winebuyers was created through its founder’s inability to sell wine from the UK on the sites of several e-commerce pioneers such as eBay and Amazon. Founder, Revell, explained:
“When I was 18 I bought lots of wine and needed to sell it. You can’t sell wine on eBay in the UK and Amazon wasn’t an option either, so I decided to build a website. I quickly realised that I needed lots of capital in order to hold stock and the idea to directly connect consumers with producers, eliminating that problem, was born.”
The company is already valued at close to £10 million and this latest investment is likely to see Winebuyers go from strength to strength.
Wine buy hire
While a great investment for the business, this deal has signalled a growing appetite for wine in the UK. Here at Urban Spirit, we can vouch for that. Over the past dew years, we have seen a tremendous increased in demand for bar hire; a service of ours that we are proud to offer red and white-lovers of the UK.
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