Winebuyers, an e-commerce platform that connects vineyards and wine merchants directly to the end consumer, is now seeking £525,000 through its equity crowdfunding campaign on Crowdcube. According to Winebuyers, the platform is customer focused, works on a completely transparent model, it doesn’t mark up prices or charge commission on any item sold. The company notes it cuts out the middleman, enabling its members to buy wines at exactly the same price as they would from the vendors themselves.
“We obtain our revenue from charging vineyards and wine merchants a monthly subscription fee to be listed on the site. This model is new to the industry, giving smaller vineyards and sellers the opportunity to reach audiences they otherwise could not. Members in turn can purchase directly from the source with no additional fees. Without the overheads associated with holding stock, we can afford to work on a PCM subscription basis providing a mutually beneficial relationship to all involved.”
The company also reported it currently offers more than 27,000 different wines from 183 vendors representing 38 countries who together have a total stock value of over £10.5 million. More than £180,000 was committed to R&D work alone in 2016 and 2017, which has laid the foundations for the business model. There are currently 150,000 different winemakers globally, providing ideal scope for expansion.
“We want wine from all over the world to be accessible to everyone who’s as passionate about wine as we are.”
Funds from the Crowdcube round will be used to continue Winebuyer’s growth and expansion. Since its launch, the campaign has successfully secured more than £160,000 from nearly 60 investors. It is set to close at the end of March.
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