While Vivino has been known for its wine discovery service for a while, the company is now being transformed by its wine marketplace, which has seen rapid growth.
This momentum has helped the company attract a new round of $20 million in venture capital, which it announced today.
“We are on a mission to enable all of our users to discover and easily purchase any wine available on the market,” Vivino founder and CEO Heini Zachariassen said in a statement.
The latest funding comes about two years after the company raised $25 million
in a round led by SCP Neptune International, the investment arm of former Moet Hennessy CEO Christophe Navarre
. The new round was again led by SCP Neptune International, and brings Vivino to a total of $57 million raised since it was founded in 2010. Other VCs participating in the new round include Balderton Capital, Creandum, SEED Capital Denmark, and Iconical.
Founded in Denmark, Vivino now lists its headquarters as San Francisco. Its app allows people to track wines they’ve tried, including by scanning the label, and to rate and comment on them. The app uses those reviews to build profiles and recommend wines to users.
Over the past two years, Vivino has seen its user base grow from 13 million to 29 million. But as part of that growth, the company last year launched a wine marketplace that allowed users to purchase many of the wines for delivery via the platform.
The company says it now offers more than 130,000 wines for purchase and that it’s marketplace sales have increased by four times since the launch.
Vivino plans to use the new investment capital to further develop its service and expand its team. It also hopes to launch soon in Hong Kong and is betting it can reach $1 billion worth of wine purchases by 2020.