I'm pleased to announce that Vinfolio has raised $4.5mm in a series A preferred stock investment led by Panorama Capital (see press release). We're thrilled to become one of a handful of venture-backed businesses in the wine industry in what is a very difficult fund-raising environment. The enormous potential of Vinfolio's Marketplace to create a new supply channel for fine wine drove the investment decision along with Vinfolio's Asian expansion opportunity.
This brings the total equity capital investment in Vinfolio to approximately $14 million. The first $9.5 million came from a combination of initial funds I provided and two rounds of outside investment from individuals. So while this is a Series A round, it is not a typical one given the amount of prior investment.
The good news for wine collectors and enthusiasts is that the additional financial resources enable us to continue our ambitious development plans on multiple fronts. We're all looking forward to focusing our full energies on the business once again.
