Vivino, which bills itself as the world’s most downloaded mobile app and largest online wine market place, raised $20 million in Series C funding, the company said Wednesday.
Christophe Navarre, the former CEO and chairman of Möet Hennessy and current chairman of Vinexpo, had his investment fund, SCP Neptune International, lead this round of financing. Navarre already sits on Vivino’s Board of Directors. Financing for this round also came from some other investors including Balderton from London, Creandum based in Sweden and SEED Capital in Denmark. Iconical, another app, also contributed.
Vivino’s user base has more than doubled from 13 million to 29 million, since its last funding round in January 2016. Vivino help its users choose their next wine and remember bottles they have already tried and loved—or not loved.
“Vivino’s 29 million users are exploring two million wines each day on the platform—creating the world’s largest and most engaged wine community,” Vivino’s founder and CEO Heini Zachariassen said in a press release.
Vivino intends to use the funds to develop technology to improve its users experience and invest further in its personnel. The company will also attempt to extend its commercial initiatives to new markets such as Hong Kong, which will help it meet its target of selling $1 billion of wine by 2020.