Vivino raises $155 million for wine recommendation and marketplace app
If you’re at all interested in wine, chances are you’ve turned to Vivino at least a few times for recommendations. The app and the company behind it have been helping people enjoy better wine since 2010, and now the startup has raised $155 million with its Series D round a sum over twice as large as all of its previous funding to date. Spurred by rapid growth that has seen its user base grow from 29 million in 2018 to 50 million currently, Vivino wants to use the large cash injection to significantly boost its core tech and personalized recommendation engine, while also expanding its presence in key growth markets globally.
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Kinnevik leads funding round in Vivino
Kinnevik AB (publ) ( Kinnevik ) today announced that it is investing USD 70m in Vivino, the world s leading wine app.
Vivino is the world s largest online wine community 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 was founded by Heini Zachariassen and Theis Søndergaard who set out to create a service for people that want to find great wines. Similar to groceries, the market for wine is massive, around USD 400bn per year globally, and the transition to online is lagging other categories. The company has reached significant scale with over USD 250m in GMV and profitability despite only converting circa 1.5% of app users to buyers thus offering significant latent potential.
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