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Wine Site Lot18 Uncorks $30M
- TechCrunch, Friday, November 4, 2011 2:20 PM
In case you needed more evidence that daily deals ain’t dead, the wine specialists at Lot18 just raised $30 million in Series C financing led by Accel Partners, along with existing investors, including New Enterprise Associates and FirstMark Capital.
Just a year old, the members-only flash sales site is best known for high-quality, curated wines, made available in small quantities and limited runs.
“The Gilt Groupe for wine,” as TechCrunch calls it, Lot18 has already expanded to offer wine accessories, gourmet food, and even travel excursions. “Last month, the company launched Lot18 Experiences, which comprises wine- and gourmet-themed travel excursions, as well as local offers such as members-only wine-pairing dinners at Michelin-starred restaurants,” TechCrunch notes.
Since its launch, the site has grown from six to more than 80 employees and over 500,000 members, with high rates of repeat purchases among new and existing members, according to TechCrunch. What’s more, the company has seen 12 consecutive months of growth in gross merchandise volume, and facilitated the sales of more than 500,000 bottles of wine. As part of its latest investment, Accel partner Sameer Gandhi is also joining Lot18’s board of directors.
