Vinomofo secures $25 million in funding
Vinomofo has secured $25 million in financing from Blue Sky Venture Capital to bolster rapid domestic growth and support its operations in new markets.
Now in its fifth year, Vinomofo has enjoyed strong Australian growth, and in 2016 is dipping its toes in six international markets: New Zealand, US, UK, Singapore, Hong Kong and China.
Andre Eikmeier, co-founder and joint CEO, said the funding will enable the business to scale quickly, domestically and internationally.
“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,” Eikmeier said.
Dr Elaine Stead, investment director at Blue Sky Venture Capital, said Vinomofo demonstrates the performance qualities at quantum and stage sought by the fund.
“Vinomofo is a great expression of the quality of deals that come through our doors. In just five years, Andre and Justin have built a cracking business with huge scope to scale globally, which is where we come in,” Dr 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.”
Andre Eikmeier says Blue Sky Venture Capital has not only a good track record, but shares a similarly strong human culture, and therefore is the right funding partner for Vinomofo.
“We certainly haven’t rushed into this decision to raise,” said Eikmeier. “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.”