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Australian start-up Vinomofo raises $25 million in financing from Blue Sky Venture Capital

Announcement posted by Vinomofo 05 Apr 2016

For immediate release
Tuesday, 5 April 2016

Vinomofo, the most epic wine site on the planet, announced $25 million in financing from Blue Sky Venture Capital to bolster rapid domestic growth and support operations in new markets.
 
Vinomofo’s first capital raise coincides with the company’s fifth year in business and the roll out of a business ‘lite’ model offer into six new markets including; New Zealand, USA, UK, Singapore, Hong Kong and China. Launched from an Adelaide garage in 2011, by co founders Andre Eikmeier and Justin Dry, the 100 people strong operation is now HQ from Cremorne, Victoria.
 
Vinomofo is not just a retailer it’s a wine experience, by giving consumers an unparalleled offer on curation and value. A hyper-focused quality product selection sourced direct from the best producers enables Vinomofo to harness the buying power of their 400,000 plus wine-loving members to secure exceptional deals.
 
Andre Eikmeier, co founder and joint CEO at Vinomofo, says the funding will enable rapid scale for the business upon a proven and robust model, both locally and abroad.
 
“Vinomofo wants everyone to be able to experience good wine - that’s our mission. 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.
 
“Vinomofo has achieved 100% 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.
 
Dr Elaine Stead, investment director at Blue Sky Venture Capital, says 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.
 
“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,” Dr Stead said.
 
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. 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,” Eikmeier said.
 
Blue Sky Venture Capital is a division of Blue Sky Alternative Investments (ASX: BLA).
 
ENDS
 
Media Contacts:
Maya Rana
maya@vinomofo.com
 
Miette Lelievre
mlelievre@agencynorth.com.au
0431 854 878
 
About Vinomofo
Vinomofo is an online wine store experience that is changing the wine world. More than just a wine store, Vinomofo is a movement. A tribe of vino-loving mofos – the drinkers and the makers - united by wine. Founded by André Eikmeier and Justin Dry in 2011 from an Adelaide garage, the startup has grown into a tribe of more than 400,000 mofos and employs 100+ people. Vinomofo is one of Australia’s fastest growing and most awarded companies, including 2015 ORIA Online Retailer of the Year and 2014 My Business Award’s Best Employer. 2016 sees Vinomofo go global with the roll out into six new markets, including New Zealand, Singapore, Hong Kong, United Kingdom, United States of America and China.
 
For more information, visit www.vinomofo.com
 
About Blue Sky
Blue Sky Alternative Investments Limited (Blue Sky) (ASX:BLA) is a leading diversified alternative investment asset manager. Blue Sky was listed on the Australian Securities Exchange in January 2012 and is the only listed fund manager in Australia focused on a diversified portfolio of alternative assets. Established in 2006, Blue Sky has generated strong returns uncorrelated with Australian listed equity markets. Blue Sky has offices in Brisbane, Sydney, Melbourne, Adelaide and New York, a team of more than 80 and a broad investor base including institutional, wholesale and retail clients. Alternative assets include direct investment in private equity, real estate, infrastructure, hedge funds and other real assets. For real-time company announcements, investment opportunities and investment performance, download the Blue Sky Fingerprint app from the App Store or Google Play.
 
For more information, visit www.blueskyfunds.com.au