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Full Glass Wine, a brand acquisition and management firm focused on acquiring DTC wine companies, has closed a $14 million Series A funding round.
In addition, the company has also acquired US subscription-based wine service, Bright Cellars.
The capital will support the company's multi-brand platform vision, complementing its existing portfolio of established players in the DTC wine market: Winc and Wine Insiders. Winc offers personalised wine recommendations and subscription services, while Wine Insiders curates high-quality wines from around the world.
In addition, the investment will fuel Full Glass Wine's growth strategy, enabling the acquisition of leading players in the DTC wine market while also improving operations through innovative marketing, technology upgrades for personalised user experiences and streamlining internal processes to enhance fulfilment and customer satisfaction.
Meanwhile, by acquiring Bright Cellars, Full Glass Wine expands its subscription-based models. The diverse portfolio enhances Full Glass Wine's ability to meet a broader range of consumer needs, "solidifying its position as a one-stop shop for all things DTC wine," said the brand. Moreover, the acquisition of Bright Cellars strengthens Full Glass Wine's market position, expands its product range and enables the platform to provide a wider range of wines.
Neha Kumar, co-founder and COO of Full Glass Wine, said: "This Series A funding and the acquisition of Bright Cellars are significant milestones for our growth, putting us on track for a projected $100 million+ revenue run rate in 2024. We are thrilled to welcome Bright Cellars to the Full Glass Wine family and are excited about the opportunities this addition presents to enhance the customer experience and strengthen our market presence. We believe that everyone deserves to discover and enjoy wines they truly love."
Peter Callaghan, managing director at Shea Ventures, added: "Shea Ventures is delighted to support Full Glass Wine and the expansion of its wine portfolio. Full Glass Wine Co. has the right team with the right vision to capitalise on the growing opportunity to sell wine directly to consumers and to rapidly increase its market share."
Louis Amoroso, co-founder and CEO of Full Glass Wine, commented: "Bright Cellars' strong reputation and loyal customer base are a perfect fit for Full Glass Wine. Their innovative approach to personalization aligns tightly with our vision, and we are confident that together, we can create an even more engaging and rewarding experience for wine lovers everywhere."
