Vinomofo is an Australian wine retailing startup that launched in New Zealand in June. The company raised $25 million from Blue Sky Capital just two months before opening its service in New Zealand. The company’s product was well-received in Australia and New Zealand, leading to the company forming Vinomofo Asia Holdings.
The company will open a location in Singapore next month.
The four-year-old company began in a garage in 2011 and boasts 480,000 subscribers. Vinomofo is a members-only e-commerce site that connects subscribers with wine sellers across the world.
The founders offer premium and super premium wines to members at an affordable price.
Wines are curated to the likes of the subscriber, allowing members to try new wines that match their taste and preference, too. The company sees the wine industry as “snobbish and dry.” Vinomofo aims to make wine accessible to the non-elite.
Singapore’s food culture is the main reason for expanding into the country.
The company points to the Michelin Guide for Singapore showing that the tastiest food in the country comes at affordable prices. Singapore is a natural match for Vinomofo because it connects wine lovers with affordable, high-end wines.
The company uses a “lite” model that enables it to test out new markets. The company utilized its main website’s traffic to determine where the company should expand its operations.
The founders visited the United Kingdom and the United States to get a pulse on the market. The company talked to market experts and determined six key markets of expansion: New Zealand, Singapore, China, Hong Kong, United States and the United Kingdom.
Expansion into California in the first half of 2017 is rumored, but no date has been provided for the potential expansion.
The company’s return customer rate is high, and they’ve reached 100% sales growth in the last 12 months. There is a 100% money back guarantee, too.