Vinomofo raises $25m in Blue Sky backing
VINOMOFO has raised $25 million to help grow domestically and overseas with Blue Sky Venture Capital backing the originally Adelaide-based online wine retailer.
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VINOMOFO has raised $25 million to help grow domestically and overseas with Blue Sky Venture Capital backing the originally Adelaide-based online wine retailer.
Blue Sky will buy a minority stake in the business, which currently has 27 shareholders including founders Andre Eikmeier, Justin Dry and now silent partner Leigh Morgan.
Former BankSA boss Rob Chapman is also a shareholder and director of the company.
Vinomofo was founded in Adelaide in 2011 and now operates out of Cremorne, Victoria.
Mr Eikmeier said the company was growing rapidly.
“Vinomofo wants everyone to be able to experience good wine — that’s our mission,’’ he said.
“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 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.’’
The company is planning to launch a business “lite’’ model offer into six new markets including New Zealand, USA, UK, Singapore, Hong Kong and China.
Blue Sky Venture Capital investment director Elaine Stead said Vinomofo demonstrated the performance qualities sought by the fund.
“Vinomofo is a great expression of the quality of deals that come through our doors,’’ Dr Stead said.
“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.’’
Blue Sky Venture Capital is a division of Blue Sky Alternative Investments.
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