Wine.com has raised $32.5 million in growth capital led by Goldman Sachs Asset Management’s Private Credit Group (GSAM PCG). The online wine retailer will use the capital to enhance its customer experience and brand awareness as well as scale up its infrastructure. The company, which operates a proprietary, multi-node fulfillment network, will invest with the objective of enabling greater order accuracy and timeliness.
“We plan to use the funds to bring more innovation and growth to our industry,” said Rich Bergsund, CEO of Wine.com in a statement. “We will continue to identify customer needs that can be served through the combination of technology, content, logistics, service and deep wine expertise.”
With a target audience of 10 million consumers, the company also will invest in new channels and methods to build brand awareness and attract new customers.
Currently, more than 30% of Wine.com’s revenue comes from mobile, with Millennials accounting for one-third of its customers. The company plans to make capital investments to gain more access to these markets.