Coravin Inc, designers of the Coravin Wine System, has secured $13.6m in a Series C-1 funding round led by Windham Venture Partners – the parties have announced.
Coravin’s device allows users to drink wine without the need to remove the cork. This means the wine can be fully re-sealed and left to evolve in the bottle – meaning wine-lovers don’t have to commit to drinking the whole bottle when opened.
A needle goes through the cork to access the wine and a pressured system allows the wine to be poured and then the cork to be re-sealed when finished.
The device is popular among connoisseurs of wine, as well as restaurants and wineries.
The business was founded in 2013 by Greg Lambrecht. He said that he and his team have been “pleased with the reception in the market”.
“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,” he added.
Former Nespresso North American president Frederick Levy is currently CEO and president at Coravin. He said the company 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”.
“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,” he continued.
Windham Venture Partners CEO Adam Fine said that on a personal level the device “has transformed the way I enjoy my own wines”.
“We are committed to the talented and dedicated team at Coravin,” he said. “They have made great progress in commercialising 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.”
Further reading: Online marketplace for business funding launched