Fine wine flash sale site Lot18 gets $30M from Accel
Fine wine flash sale site Lot18 gets $30M from Accel
Nov 4, 2011 6
(Vator) - Just two weeks after announcing its new wine-themed travel and excursions business, fine wine flash sales site Lot18 announced Friday that it has raised $30 million in a Series C round led by Accel Partners, with participation from existing investors NEA and FirstMark Capital. The new round brings Lot18’s total raised to $43 million.
Since its founding in 2010, the company has sold more than 500,000 bottles of wine and grown its subscriber base to more than 500,000 members—up from 350,000 in June. The company is now doing more than $1 million in monthly sales. Additionally, Lot18 has grown its team to more than 80 employees from just six a year ago.
In the year since its launch, Lot18 has introduced several new verticals to grow its business, including its expansion into food with the summer launch of Lot18 Gourmet, which offers deals on wine-themed foods, such as fine cheeses, chocolates, cured meats, caviar, olive oil, and more.
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