Vivino, a Danish-founded wine community and application yesterday announced that it has raised an additional $25 million to continue its expansion.
The company, which currently has 13 million users from all over the world is an application that allows its users to scan any wine label and get results of how that wine ranks among its users. It also allows users to build a repository of the wines that they have tried and rated.
The company’s founder said that the news cements the company’s position as a dominant leader in the global wine industry. Heini Zachariassen, Vivino Founder and CEO said “Our mission to help people, all around the world, find great wine requires significant resources across the wine and technology industries. Thanks to the incredible investment and insights of Christophe Navarre, we’re incredibly well suited to continue to attack our mission in unprecedented fashion.”
To date the company has raised $37 million dollars. The new round of funding was led by SCP Neptune International which is the family office investment vehicle of industry icon and CEO of Moët Hennessy (the wines and spirits division of LVMH).
The mission of Vivino is to make sure users ‘never pick another bad wine’.
It is one of the wine applications that we really like to use because of the simplicity of its interface and also the sleek design.
In an article last year, Vivino noted that while its 5-star system is much newer than the 100 point system created by Robert Parker and Wine Spectator, it has examined over 5,000 wines and found that there is a correlation between the points and the Vivino ratings.
It told its users that if you’ve been using Robert Parker and Wine Spectator ratings to help you choose and purchase wines, you can now better rely on Vivino to help you evaluate wines that are not rated by these experts. Industry analysts estimate that at least 75% of all wines produced are never rated by any wine critic, let alone by the esteemed Robert Parker or Wine Spectator. Vivino helps fill this gap, to help you find great wines not rated by the critics.
The application has also expanded to include articles and features on wine and has also introduced a quick way to compare wines at a store as can be seen in the video below.