The world’s largest and downloaded wine app receives a massive investment of €130 million ($155 million). The investment is a combination of new and existing shares. The Swedish investment company Kinnevik is joining with the existing investors Creandum and GP Bullhound with Sprint Capital as a new investor.
Founded in Denmark in 2010, Vivino app allows users to track the wines they’ve tried, rate and comment them and recommend wines to users.
The investment will be helping the company improve its core technology and artificial intelligence platform to create better and more personalised recommendation for Vivino users. It will also deepen its focus on the expansion of the select markets in the USA, Germany and Great Britain.
“Vivino’s addressable market is gigantic and the company has taken the position as the obvious choice for wine consumers worldwide. They have created a strong network and have access to large amounts of data with 1.5 billion scanned wines since the start “, says Kinnevik CEO Georgi Ganev.
Update: we mistakenly wrote €58 million in the first publication of this article. This was as mistake, we apologize.