BURLINGTON, Mass.--(BUSINESS WIRE)--CORAVIN, Inc. today announced the completion of a $22.5 million first closing of an equity financing, led by a large European investor. This latest financing reflects the company’s strong growth and expansion since its launch into the marketplace in 2013.
“Coravin’s entry into the wine industry was a catalyst for a fundamental change in how wine enthusiasts are able to taste and experience their favorite bottles,” said Frederic Levy, CEO of Coravin. “In just over three years since the Coravin™ System was first introduced, consumers and professionals worldwide have been inspired to change the way they serve, share and enjoy wine. Our latest round of funding will enable us to continue to expand, so that wine lovers around the globe can savor each glass of without compromise.”
The funding comes on the heels of a monumental year for Coravin, which includes:
- Launch of two new Wine Systems –the Model Two Elite and Model One – each aimed at providing even more users with the ability to customize their wine drinking experience and effortlessly pour wine without removing the cork
- New and strengthened retail and commercial partnerships in the U.S. and Europe, including expanded availability at Bloomingdales, Sur La Table, Neiman Marcus, Bed Bath & Beyond, Amazon, Harrods (UK), and Boulanger (France)
- Expansion of availability to over 50 countries, including key Asia Pacific markets like Hong Kong, Singapore, and Australia
- Recognition by Fast Company as one of the world’s Top 10 Most Innovative Companies of 2016 in Food
The significant amount raised is helping Coravin to support a large number of retail partners with simultaneous in-store demonstrations, marketing campaigns, and to fulfill seasonal inventory needs. The financing will also be used to drive additional retail, restaurant and distributor opportunities while building brand awareness through increased marketing efforts, as well as for general corporate purposes.
“We are incredibly proud of the positive reception Coravin has received both in the US and across the global market,” said Greg Lambrecht, Inventor and Founder of Coravin. “This round of funding and the continued support from our existing investors and partners are milestones that are critical to maintaining our leadership status and will bring us another step closer to achieving our goal for Coravin to become a staple in every wine-drinking household worldwide.”
For more information on Coravin, please visit www.coravin.com
About Coravin, Inc.
Coravin, Inc. is a privately held company located in Burlington, Massachusetts focused on transforming the way wine is served, sold and enjoyed. Coravin designs and markets the Coravin System for wine enthusiasts, restaurants, wine stores and wineries. Unparalleled in craftsmanship and design, Coravin uses proprietary patented technology to access and pour wine from a bottle without pulling the cork. Wine enthusiasts can now enjoy wine sealed with corks without feeling the need to commit to the whole bottle, allowing them to explore wines of any vintage, varietal or region, one taste at a time. With Coravin, wine, after being accessed, remains in the bottle, continuing to evolve naturally. It can then be enjoyed later since it was never exposed to oxygen. For more information, please visit www.Coravin.com.
