AOL co-founder Steve Case has invested in Vinfolio, the revived wine internet services provider which filed for bankruptcy protection earlier this year.
No details were revealed about the ‘substantial’ investment, which was made through Revolution LLC, an investment company created by Case ‘to invest in companies that are driving transformative change by shifting power to consumers’.
‘Revolution’s investment enables Vinfolio to fuel its growth by providing substantial financial resources, as well as invaluable expertise in customer-driven e-commerce initiatives,’ said Vinfolio CEO Michael Jellison.
Under the terms of the investment, Revolution’s David Golden and Philippe Bourguignon will join the Vinfolio board, currently made up of Jon Moramarco, Jean-Michel Valette MW and Colin Lind.
Bourguignon, a board member at eBay for the past decade, said Vinfolio had ‘significant potential’ to simplify the fine wine market for consumers, becoming the ‘go-to marketplace’ for fine wine buyers and sellers.
The aim of the business is to enable fine wine enthusiasts to buy and manage their collections online, sharing their ratings and opinions, and buying and selling hard-to-find collectible wines.
Former Constellation Europe CEO Moramarco and ex-Robert Mondavi chairman Valette emerged as part-owners of Vinfolio when it was acquired by VF Wine Co in March this year – two months after it had filed for bankruptcy protection.
Written by Richard Woodard