Boozy beverage consumption has spiked since the start of the pandemic and those in the alcohol e-commerce industry are witnessing substantial amounts of growth as a result. San Francisco-based mobile wine app Vivino is no exception. The company saw a 103 percent increase in year-over-year sales in 2020.
Vivino is now receiving a fresh investment to cope with the increased demand. The company announced Wednesday that it raised $155 million in a Series D co-led by Kinnevik and Sprints Capital.
Vivino’s fundraising announcement follows what has been a busy week of news for the alcohol e-commerce industry. On Tuesday, Uber announced it would purchase alcohol delivery service Drizly for a whopping $1.1 billion.
Since its Series C raise in February of 2018, Vivino has increased the size of its user base from 29 million to 50 million, according to the company.
Customers that log on to Vivino’s mobile app can view reviews and ratings of different wines and snag personal recommendations based on their preferences. With the newly acquired capital, the company plans to incorporate new AI to improve its wine recommendation feature.
In addition to offering wine pairing recommendations, the Vivino app enables customers to shop for wine based on grape or region. Once their delivery arrives, customers can use the app to scan each bottle and receive additional information.
The company’s growth hasn’t been limited to the confines of the pandemic. Vivino has posted a 100 percent annual growth rate for the last seven years, according to the company.
“Our user retention rates are high, and we’re seeing a steady conversion of app users to wine buyers. That’s a good move in the right direction,” Heini Zachariassen, founder and CEO of Vivino, said in a statement. “By creating more value for our users, we also create more value for the company and industry at large.”
Following the latest investment, the mobile wine app is planning to pour it up overseas. The company has its sights set on expanding to new markets in the United Kingdom, Germany, Portugal and Japan.
Vivino’s app is free to download and available on Apple and Android devices.
Vivino has raised $221 million in venture capital financing to date. The round was co-led by Kinnevik and Sprints Capital.
