Wine App Company Vivino Raises $10.3 Million
Vivino raised $1 million in Series A funding seven months ago. Now the company has raised another $10.3 million. Vivino has an iOS, BlackBerry, and Android app. The app lets users take a photo of the wine label, which is matched with a database of over one million data sets. The app will reveal the wine producer, brand, name, and the vintage.
Vivino uses Optical Character Recognition (OCR) technology to pull this off. The company sees a success rate of around 86% to match wine labels to the producer. This is around double the accuracy from one year ago.
This round of funding was led by Balderton Capital. Previous investors Janus Friis, SEED Capital Partners, and Creandum also participated in this round.
“It’s very satisfying to me that we are the first wine app to receive this level of investment and that all of our existing investors are participating again in this latest funding round,” stated Vivino’s founder and chief executive officer Heini Zachariassen. “Their enthusiasm for Vivino and our phenomenal growth to date certainly validate our strategy and the acceptance we are receiving around the world.”
The Vivino app connects oenophiles through shared reviews. The app sees around two million wine label scans per month. In April of last year, they were seeing around 80,000 per month so their user base is growing at a rapid pace.