Backed by Former Neiman Marcus CEO, WineSimple is Raising $800,000 on Crowdfunder Campaign

WineSimple is an online platform that offers personalized wines that match a consumer’s personal taste and preferences and then facilitates purchases at prices less than retail. The young company has just launched an convertible note crowdfunding campaign on Crowdfunder to raise $800,000 for expansion.

WineSimple 1The company wants to make choosing the right wine easier anytime, anywhere. Think “Pandora” for wine.

“We’re like most people. We find expert reviews interesting (if and when we have time to read them). We look at numerical ratings and are not really sure what they mean or how they relate to the price of a bottle of wine. We’ve read those wine descriptions taped to the shelf where we buy wine and they all sound good. The problem is that none of these tools really answer the question, ‘Is this wine right for me?’

 

“Our team is comprised of two groups. Our wine experts REALLY know wine and we leave it up to them to identify the Flavor Characteristics of each bottle. The rest of us drink the wine that’s left over by our experts and listen to our customers. Everyone is looking for a great wine at a great price. The problem is that what’s great for some of us may not be great for others. That’s why we’ve spent almost 2 years working on the science behind our Matching Algorithm. The exciting thing is that it works. People really like the wine we sell and appreciate the fact that we can help them find great wines in stores, bars, and restaurants.”

WineSimple 5Highlights of WineSimple’s success are the following:

  • Projecting to sell $900K in first year after close of fundraise
  • Wine revenue should grow from $850K to $50 Million over 4 years
  • Company should be profitable in Year 3

Investors have been given the opportunity to participate in the funding round in a convertible note.  The term is for 20 months at a 6% annual interest rate.  The conversion discount is 20%. The issuers have placed a $3 million valuation cap on the offer.

If you decide to participate in the funding round you will also benefit from some investor perks for backing WineSimple’s pitch include:

  • $10,000: 6 bottles of wine delivered every month for 6 months
  • $25,000: 6 bottles of wine delivered every month for 12 months
  • $50,000: Above PLUS a CORAVIN™ 1000WINE ACCESS SYSTEM
  • $100,000: Above PLUS invitation to participate in a Flavor Profiling session with 3 WineSimple Experts

richard_marcusSince its launch, WineSimple’s campaign has successfully secured $235,000, which includes an investment from Richard Marcus, board member and former CEO of Neiman Marcus, who several of WineSimple’s employees previously worked for.

Marcus previously shared:

“Customers want choice and they want control over that choice. WineSimple uses a customer’s taste choices to tailor an offering that meets with an ‘oh,my!'”
The stated closing date is June 30th on this offer.
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