Wine.com is an online wine retailer company that has raised $32.5 million in debt and equity financing managed by Goldman Sachs Asset Management’s Private Credit Group (known as GSAM PCG). Wine.com will be using the funding to enhance its customer experience and brand awareness. And the company plans to scale its market-leading infrastructure.
“We’re delighted with our new partnership with Goldman Sachs Asset Management,” said Wine.com CEO Rich Bergsund in a statement. “Their capital, expertise and continuing support is a game changer for Wine.com as we continue to capitalize on the unique opportunities in the online wine business.”
Wine.com will also continue to invest in features and services to help customers discover wine. Currently, 30% of Wine.com’s revenue comes from mobile devices and millennials make up one-third of its customers so the company will make growth capital investments to further pursue opportunities around that market.
And Wine.com will invest in new channels and approaches to increase brand awareness and attract new customers. Plus Wine.com will invest in the object of enable order accuracy and timeliness at multiples of the current scale.
“We are proud to partner with a highly experienced management team that has built a best-in-class ecommerce platform serving an attractive demographic,” added GSAM PCG’s Matt Singer. “Wine.com’s track record of growth and national scale creates a compelling platform and we are excited to help accelerate the company’s expansion. Our investment is consistent with our strategy to partner with and provide long-term, flexible capital solutions to high growth companies that demonstrate unique and defensible business models.”
The Wine.com iOS app also allows users to scan, rate, and buy wines on the go. Plus the company also has a StewardShip program that provides unlimited wine delivery and exclusive access to new releases for $49 per year.
Wine.com is a portfolio company of New York-based private equity firm Baker Capital. Wine.com allows users to chat live with wine experts seven days a week. The company has multiple distribution centers and a retail wine fulfillment network in the US. Wine.com delivers in 1-2 days to most addresses, offers date-certain delivery, and ships to 11,000 FedEx Office, Walgreens and affiliated local pick-up sites.