Andre Eikmeier, co-founder and joint-CEO at Vinomofo, said the funding will help boost the company’s domestic growth and support operations in new markets overseas, including New Zealand.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, the US, the UK, Singapore, Hong Kong and China.
“Vinomofo wants everyone to be able to experience good wine — that’s our mission,” Eikmeier said. “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.
“Vinomofo has achieved 100 per cent year on year 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 our offer to the next level in Australia, and to the world.”
Launched from an Adelaide garage in 2011 by co-founders, Eikmeier and Justin Dry, the Australian-based online wine seller now has its headquarters based in Cremorne, Victoria. Their site now has around 400,000 members.
Blue Sky Venture Capital investment director, Dr. Elaine Stead, said Vinomofo demonstrates the performance qualities at quantum and stage sought by the fund.
“In just five years, Andre and Justin have built a cracking business with huge scope to scale globally, which is where we come in,” 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.”
Eikmeier said they found the right partner for their start-up with Blue Sky Venture Capital.
“We’re really proud the entire raise was funded here in Australia, with an Australian partner. It’s a good sign for the future of our start-up and growth company eco-system,” he said.
Blue Sky Venture Capital is a division of Blue Sky Alternative Investments.