Cult Wines to invest in growth after new round of fundraising
Fine wine “disruptor” company Cult Wines has completed a new round of fundraising to fuel growth and support its tech infrastructure, supported by former Moët-Hennessy CEO Christophe Navarre who will join the board as a strategic advisor.
The funding drive follows the launch of its digital trading platform CultX platform in May 2022, which is backed by blockchain technology and powered by Wine-Searcher, and will allow the company to scale this up in the coming months as well as invest in more data.
Fellow-investor Chris Jones, former Blackrock CIO of Global Active Equities will join Navarre on the board, to boost the team’s leadership team and help guide the company’s growth.
Jones and Navarre were among a number of high-profile investors who included Formula 1 driver Valtteri Bottas and founder of luxury fintech Privat 3 Money, Reda Bedjaoui.
Cult Wines’ CEO and co-founder Tom Gearing said the investment was indicative of the company’s “unwavering commitment to redefining the fine wine market”.
“As we continue to innovate and expand our global footprint, we remain dedicated to unlocking the full potential of wine as an asset class by investing into technology, robust data and innovative solutions that address the complexities inherent in wine ownership and trading,” he said.
“Each of these investments enhances the market’s accessibility, fostering growth both within our business and the industry alike. The future of wine investment is incredibly bright, and we are poised to be at the forefront of this transformation.”
Navarre added that he saw “great potential” for the company, describing it as “a disruptive force in an age-old industry dominated by traditional players” that had “already demonstrated a unique ability to leverage their expertise and drive value for investors in an ever-evolving market.”
“As alternative investments continue to gain momentum, I believe Cult Wines will play a pivotal role in shaping the future of the fine wine market,” he said.