June 22, 2015
Coravin Inc. Raises $13.6 Million in Series C Funding
Burlington, Mass., June 22, 2015 – Coravin Inc., creator of the Coravin™ Wine System, the device that allows you to access and pour any bottle of wine without pulling the cork, today announced it has secured $13.6 million in Series C-1 financing. The funding round was led by Windham Venture Partners, based in New York, with renewed support from its other main shareholder, Quadrille Capital, which is based in Paris and led the previous round.
The company has raised over $39 million to date. “Coravin was founded on the belief that wine lovers should be able to enjoy the wine they want, when they want, without compromise or worry of waste,” said Frederic Levy, CEO of Coravin. “With this new round of funding, we will continue driving that mission forward while accelerating market expansion globally and further strengthening the brand and partnerships worldwide."
“We are committed to the talented and dedicated team at Coravin," commented Windham Venture's CEO Adam Fine. "They have made great progress in commercializing a game changing technology for the wine industry; not just for aficionados, restaurants, and vineyards, but for consumers of all types who simply want to enjoy wine in an innovative way. My own Coravin System has transformed the way I enjoy my own wines."
Since launching in 2013, Coravin has achieved consistent growth as it expands business around the world. The company plans to use the new funds for research and development, to continue to increase availability and awareness, and to maintain a leadership position in this new consumer product category. The funds will also be used to drive market expansion, and widespread penetration across consumer, retailer and distributor channels.
“Coravin is a brilliant example of a breakthrough technology developed in the US and deployed swiftly in Europe and soon in Asia, opening up brand new wine drinking experiences. Its high standard of innovation, steep growth rate and almost simultaneous launch in the US and in Europe are a great fit with our investment strategy,” said Jerome Chevalier, President at Quadrille Capital.
"We have been pleased with the reception in the market," said Greg Lambrecht, Inventor and Founder of Coravin. "The enthusiastic support from our investors will allow us to continue to establish the Coravin System as a game-changing tool, and we are thrilled to continue transforming how people access, pour and enjoy wine worldwide."
Today the Coravin Wine System is used by a growing number of restaurants, wineries, and distribution partners worldwide. Coravin is also available at fine retailers as well as online at Coravin.com.