Coravin funding: $22.5 million investment secured

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Coravin, the device that allows users to taste their wine without opening the bottle, has secured $22.5 million of equity financing to help it expand globally.

Coravin funding: $22.5 million secured

This was led by a large European investor, according to a statement from Coravin.

Coravin said it would not disclose the size of any stake in the business sold to secure the funding.

‘Coravin’s entry into the wine industry was a catalyst for a fundamental change in how wine enthusiasts are able to taste and experience their favourite bottles,’ said Frederic Levy, CEO of Coravin.

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‘Our latest round of funding will enable us to continue to expand,’ he said.

Coravin said that it will use the latest funding to support retail partners with in-store demonstrations and marketing campaigns, plus drive further restaurant, retail and distributor opportunities.

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‘This round of funding and the continued support from our existing investors and partners are milestones that are critical to maintaining our leadership status and will bring us another step closer to achieving our goal for Coravin to become a staple in every wine-drinking household worldwide,’ said Greg Lambrecht, Inventor and Founder of Coravin.

In 2016, Coravin have also launched a cheaper model aimed at the millennial market.

Last week, Coravin launched its first UK advertising campaign, with the strapline ‘stop screwing around’, a takeover of the One Piccadilly advertising screen and pop-up wine bar.