|[December 13, 2012]
Wine App Vivino Receives Series A Funding From Creandum
COPENHAGEN, Denmark --(Business Wire)--
Vivino, the social wine app that allows users to keep track of wines
they drink, rate them for future reference, and share favorites with
others, today announced it received $1 million in Series A financing
from Creandum, the Nordic venture capital firm best known for its early
investments in digital music service Spotify (News - Alert), social payments company
iZettle, and mobile gifting phenom Wrapp.
Using smartphones to tap the $125 billion wine market, Vivino's mission
is to make choosing and purchasing wine online as easy, fun and social
as drinking it.
Vivino received seed funding last year from SEED Capital and Skype (News - Alert)
co-founder Janus Friis.
"Vivino has all the characteristics of a great investment: seasoned
team, innovative technology, elegant product, viable business model, and
a very large market ripe for disruption," said Creandum General Partner
Martin Hauge, who has joined Vivino's board of directors. "In short
order Vivino has become the fastest growing wine app in the world, and
we believe it has the potential to change wine ecommerce forever - much
like Spotify is doing with music."
Today only 4 percent to 8 percent of wine is sold online.
Here's how it works: Vivino's app lets you take a photograph with your
Apple (News - Alert) or Android smartphone of any wine you're drinking. Using advanced
scanning technology Vivino autmatically recognizes labels and matches
them to an extensive database of nearly 500,000 wines. Users then note
the ones they like or dislike, read wine reviews, follow other people's
Vivino activity to discover new wines, and soon, order and buy - by the
bottle or case.
"We've seen how Creandum has helped startups like Spotify from very
early days grow and become world leaders in their industry, and we think
they're they perfect partner for now helping us monetize our growth, and
expand our business around the world - especially in the U.S.," said
Vivino Founder Heini Zachariassen.
Use of Vivino has increased tenfold in the past six months, reaching
nearly 100,000 monthly downloads. In November alone, active users on
average scanned seven wine labels per month. To date, Vivino has been
the No.1 most downloaded app in the food and drink category in 11
countries, and reached the No.14 spot in the U.S.
Before starting Vivino in 2009, Zachariassen founded BullGuard Ltd., one
of the fastest growing Internet and mobile security brands.
Creandum is a Nordic venture capital firm investing in innovative and
fast-growing technology companies within consumer, software and hardware
industries. The firm has €250M under management and 20 portfolio
companies like Spotify, Cint and Videoplaza ranging from early stage to
expansion. All investment professionals at Creandum have started
companies or been part of successful startups during their
career. Creandum has as one of its corner investors the 6th Swedish
National Pension Fund and is among other major international investors
supported by the European Communities Growth and Employment Initiative,
MAP - ETF Start-up Facility. For more information, please visit www.creandum.com
Vivino is a vibrant wine community built on top of a huge database of
500,000 wines from 20,000 wineries all over the world. Vivino is the
fastest growing wine app in the U.S. and globally, and its users provide
tasting notes, ratings, price info, and much more on a daily basis.
Vivino was founded in 2009 and is headquartered in Copenhagen, Denmark.
Never again forget another great bottle of wine at www.vivino.com.
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