Digital wine business The Wine Collective has completed a capital raising of $8.28 million to fund its growth strategy on the back of strong growth in digital marketplace sales of more than 75 percent year on year.
The company has also announced a partnership with French negociant CVBG in Bordeaux.
My Wine Guy (a subsidiary of The Wine Collective) will be merged into the main Wine Collective digital platform and will “unlock the most compelling, best-in-class range of wine from across the globe”.
“With over 10,000 wines soon to be offered, Australians will gain unprecedented access to the world of wine direct from the cellars of leading Australian and international winemakers that matter,” CEO Lloyd Heinrich says.
“This pioneering digital gateway has also revealed a world-first digital marketplace connection with one of France’s leading negociants’ CVBG, Bordeaux, to stock premium wines from around the world including access to Bordeaux’s classified growth market.
“This partnership will give local customers unique access to the world’s greatest portfolio of international premium wines, from Bordeaux’s Chateau d’Yquem and Chateau Haut-Brion, to Clos Apalta (Chile) and Klein Constantia Vin de Constance (South Africa) all included within The Wine Collective’s rebranded platform.
“The Wine Collective continues to innovate and in relaunching our world class marketplace and bringing our My Wine Guy brand under the banner of The Wine Collective, we now offer all our customers access to the ultimate digital wine portfolio.
“We are excited to announce this world-first partnership with CVBG to bring a truly impressive selection of international premium wines direct to our wine-loving customers.
“This unique portfolio of products will be accessible to Australian audiences using technology never deployed in the wine industry before.”
CVBG CEO Mathieu Chadronnier says, “We are proud to partner with The Wine Collective to bring some of the world’s best rare and premium wines to Australia.
“This world-first partnership has been forged based on a mutual appreciation and understanding of fine wine. Our global connections with the best international winemakers will provide discerning Australian wine lovers unprecedented access to the world’s leading premium wines.”
Fogarty Wine Group chairman Peter Fogarty says, “The Wine Collective has been a very strong supporter of the Australian wine industry over many years.
“As the business continues to innovate, and its range of wines continues to grow, it has evolved to become arguably the country’s best online wine buying experience.
“For leading and small wine producers, The Wine Collective continues to open up access to more and more digital sales avenues and provide the wine consumers with access to an amazing range of current release and back vintage wines.”
TWC set out to raise $7.5 million from existing shareholders and new investors.
The raising was completed oversubscribed with $8.28 million contributed.
The business is now well funded to drive massive innovation in its digital wine marketplace which has continued to show accelerating growth – sales are up 120 percent in the first quarter of the financial year.
Following the capital raising, TWC has also completed the acquisition of the residual assets of The Australian Wine Consumers’ Co-Operative Society Limited, which traded as The Wine Society (The Society).
The acquisition of The Society assets now brings the Society members into TWC and follows on from TWC’s acquisition of Online Liquor Group Australia Pty Ltd, including Cracka Wines, in December 2017 to create one of Australia’s leading direct to consumer digital businesses.