Wine Start-up Savours $1m funding
E-commerce and subscription outfit The French Cellar now valued at $5m. A Singapore start-up looking to disrupt the way that Asian wine lovers purchase and appreciate wine has raised some $1 million in Series A funding, and is now valued at $5 million just eight months after its launch, its chief executive officer Vincent Morello told The Business Times.
The French Cellar, the first wine subscription e-commerce platform in Asia, lets users discover exclusive French wines that are not sold in the region and personally handpicked by resident sommelier Nicolas Rebut, a former chef sommelier at two 3-starred Michelin restaurants: Louis XV (Monaco) and Le Meurice (Paris). Upon subscription, members receive two different wines - along with wine tasting notes - monthly, and they can also re-order their favourite bottles whenever they wish to, at a discounted price.
This latest round of funding comes from ESW Manage, a Singapore-headquarter private equity firm. Post-money, ESW will own a 20 per cent stake in The French Cellar; its founder and chairman Wong Yat Foo will also join the start-up as a director