13th January, 2016 by Neal Baker
Wine app Vivino has seen £17.3 million of new investment poured into the company, with the majority coming from the CEO of luxury drinks producer Moët Hennessy.
Moët Hennessy CEO Christophe Navarre (Photo: LVMH)
This second round of investment in the app’s history ended yesterday, taking the app’s fundraising total to £25.7 million since it was founded in 2010.
Moët Hennessy CEO Christophe Navarra has paid out the majority of the latest cash injection.
He has also joined the app’s board as a non-executive director “to advise the company’s future growth”, Vivino said.
The social wine rating app has around 13 million users globally, making it the most popular online wine community and most downloaded wine app in the world.
In a statement announcing the results of its fundraiser, Vivino said it will use the new investment to expand its presence in the world’s top wine consumption regions like the United States, Italy, France, Spain and Germany.
“Today’s news cements our position as a dominant leader in the global wine industry,” said Heini Zachariassen, Vivino Founder and CEO.
“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.”
Navarra, who has been CEO of LVMH drinks subsidiary Moët Hennessy since 2001, invested through London-based investors SCP Neptune International.
While it is not clear exactly how much of the £17.3 million has come from Navarra, Vivino said that SCP Neptune “led the round” of investment.