Ferovinum, a funding and supply chain platform for wine and spirits businesses based in London, announced the completion of its over €20.8 million Series A funding round. The round was led by Notion Capital, a leading European SaaS and Cloud investment firm, whose General Partner Jos White will join the Ferovinum board. The oversubscribed round also has participation from Shapers VC, Semapa Next and Ferovinum’s existing shareholder group.
Businesses in the drinks industry are faced with a very specific set of challenges, including major liquidity constraints (with funds tied up in stock and payment terms), a complex and outdated supply chain, and a highly regulated global market that creates friction and barriers to selling internationally. Ferovinum has created an end-to-end digital platform that helps businesses fund, produce, procure, and sell to global wine and spirits markets.
The company has already seen tremendous growth in the UK market, with over £170 million of products transacted through the platform and growing annual sales by 1,000% since early 2023. To date, Ferovinum’s platform has deployed over £114m of funding in support of UK wine and spirits producers, enabling a huge flow from capital markets into the wine and spirits industries. This new funding will enable the company to enter new markets and broaden its product set across funding and the supply chain. The service will also be launching in the US and Europe later this year.
Ferovinum is currently working with a range of high-growth customers in the UK drinks industry including two of Edinburgh’s most exciting new independent distilleries; Holyrood Distillery & Port of Leith Distillery, English sparkling wine pioneers like Ridgeview Wine Estate & Hundred Hills Winery (in 2024 Ferovinum has become the largest provider of working capital to the English sparkling wine industry), alongside innovative category disruptors like canned cocktail company Moth Drinks.
Jos White, General Partner at Notion Capital said: “Ferovinum’s platform leverages technology to give small and mid-sized players in the drinks industry access to funding, and an integrated set of supply chain services. In this way, they enable their customers to compete more effectively with large corporates and, ultimately, to unlock growth. We couldn’t be more excited to invest in this industry disruptor.”
Mitchel Fowler, Ferovinum Co-founder & CEO, added: “The wine and spirits industry is worth $800 billion annually, and yet we’re running it in an archaic and inefficient way. At Ferovinum, we’re passionate about building technology for the sector in a way that provides the rails for the most exciting next-generation brands and resellers to succeed. This funding will allow us to do so on a larger scale. We’re so excited to have Notion Capital supporting us – they have a tremendous track record and team when it comes to B2B Software as a Service. Jos White will be an invaluable board member – he’s the Yoda of SaaS!”
Read the orginal article: https://www.eu-startups.com/2024/09/london-based-ferovinum-a-funding-and-supply-chain-platform-for-wine-and-spirits-raises-over-e20-8-million/
