Vinomofo, the Aussie wine startup that has impressed wine drinkers with its “no bowtie, no BS” approach, has just signed a $25 million financing deal.
Co-founders Justin Dry and Andre Eikmeier have announced a partnership with Australian capital and investment firm Blue Sky Venture Capital to grow the company internationally.
The investment will fund a rollout into New Zealand, USA, UK, Singapore, Hong Kong and China.
The announcement coincides with the Vinomofo’s fifth year of business which has seen the brothers-in-law grow from a wine workshop business model to a humble retail site working out of a garage in Adelaide to a hugely successful outfit that employs 100 staff, sells 3.5 million bottles of wine and turns over $50 million per annum.
Vinomofo’s meteoric rise is in part attributed to the creation of the cool online tribe that eschews the need to talk about notes of pear on the palette and even began the tradition of calling themselves “mofos” and “mofettes” thanks to their unique business name.
Eikmeier said the funding will enable rapid scale for the business both in Australia from its Melbourne base and overseas.
“Vinomofo wants everyone to be able to experience good wine -- that’s our mission,” he 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.
The Vinomofo crew has grown from two to 100 in five years.
“Vinomofo has achieved 100 percent 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 our offer to the next level in Australia, and to the world.”
Eikmeier said Blue Sky Venture Capital was the right funding partner for Vinomofo.
“We certainly haven’t rushed into this decision to raise,” he said.
“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 start-up and growth company eco-system.”
Dr Elaine Stead, Investment Director at Blue Sky Venture Capital, was impressed with the Vinomofo journey, and was excited to help fund the company’s expansion.
“Vinomofo is a great expression of the quality of deals that come through our doors,” she said.
“In just five years, Andre and Justin have built a cracking business with huge scope to scale globally, which is where we come in.”