The investment will accelerate our technology development and fuel our acquisition of private wine collections.
San Francisco, CA (PRWEB) August 13, 2007
Vinfolio, Inc., a premier online wine retailer and collector services company, announced it had raised $4.5 million primarily from eight new private investors. Coming less than a year after the first outside investment in the company of $1.6 million, the additional funding is a combination of $3.0 million in equity and $1.5 million in the form of a secured credit facility to finance its retail wine inventory.
"This additional funding is critical to enabling Vinfolio's continued rapid growth," states Founder and CEO Stephen J. Bachmann. "The investment will accelerate our technology development and fuel our acquisition of private wine collections." Now with almost 40 full-time employees, Vinfolio projects revenues to triple in 2007 over 2006 with nearly 60% of its retail wine sales driven from the supply of fine wine sourced from private wine collections. By year end, Vinfolio plans to unveil a new generation of its free VinCellar online cellar management software that will offer expanded features for oenophiles to buy, sell, manage, and enjoy their wine.
William Timken, one of the founding partners and later Vice Chairman of technology investment banking firm Hambrecht & Quist, will also join the board alongside Vinfolio Chairman Jean-Michel Valette, MW, (and Former Chairman at Robert Mondavi Winery), and Colin Lind, Managing Partner at Blum Capital Partners, LP.
"This dynamic young company has already made significant strides under Steve Bachmann's leadership," says Timken. "The company has a unique set of competitive advantages and the opportunity to transform an industry. I am excited to be a Director and be part of that path."
About Vinfolio, Inc. Based in San Francisco, Vinfolio (http://www.vinfolio.com) sells fine wine and services to wine collectors and enthusiasts. Its guiding principle is "Fine wine, finer service," demonstrating Vinfolio's unparalleled level of personalized customer service and collector services. From an extensive selection of over 2,000 wines to VinCellar™, its free online cellar management software, to collector services (including on-site inventorying and full-service storage), Vinfolio delivers "Fine wine, finer service". Vinfolio was founded in 2003 by CEO Stephen J. Bachmann, who incorporated his expertise in technology and finance with his passion for wine.