US-based beverage start-up Plum has raised $10 million in a series B funding round led by Las Olas Venture Capital, as the company seeks to expand the distribution of its innovative wine dispenser in the hospitality sector.
Plum has developed a machine which can preserve and dispense up to 150 bottles of wine, in a similar manner to a coffee machine.
After the machine was made available to consumers as part of a presale launch, the start-up launched the Plum for Hotels programme in September 2017 which targeted the hospitality sector as its main market.
This investment will pay for the expansion of this programme, and Plum estimates that it will be introduced to over 50 hotels over the remainder of 2018.
David Koretz, founder and CEO of Plum, said: “Las Olas has been a tremendous partner to Plum as we have grown following our launch and initial vision to transform the in-home wine by the glass experience.
“Working with experienced operators that know how to rapidly scale businesses will be instrumental to our future growth.”
Mark Volchek, founding partner of Las Olas VC, added: “We have been consistently impressed with Plum’s unique value proposition for hoteliers, and David’s ability to execute on that vision is second-to-none. Plum is a perfect example of our thesis of investing in great people and companies outside of core technology markets.
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