Cult Wines has announced the successful completion of a seed fundraising round. Leading the round were Christophe Navarre, former CEO and Chairman of Moet Hennessy; Chris Jones, former Blackrock CIO of Global Active Equities; Formula 1 driver Valtteri Bottas; and Reda Bedjaoui, Founder of luxury fintech Privat 3 Money. Navarre and Jones will also join the board as strategic advisors providing world-class leadership and guidance to propel the company’s growth. This strategic injection of funds will fuel the company’s aggressive growth trajectory, including supporting technological infrastructure, scaling the recently launched CultX, and continued investment in data. Cult Wines was advised by Akur Capital, the company’s independent corporate financial adviser.
Since its establishment in 2007, Cult Wines has aspired to revolutionise the fine wine market by enhancing its accessibility and transparency. By investing heavily in its product and service offerings, the company has addressed key market challenges that have historically inhibited the growth of the market, like price transparency, liquidity and accessibility to the market. Cult Wines now features two platforms: Cult Wine Investment, which reshapes consumer wine investment through a managed portfolio service, and CultX, a leading-edge digital trading platform that heightens market price transparency.
“This investment is indicative of our unwavering commitment to redefining the fine wine market,” said Tom Gearing, CEO and Co-Founder at Cult Wines. “As we continue to innovate and expand our global footprint, we remain dedicated to unlocking the full potential of wine as an asset class by investing into technology, robust data and innovative solutions that address the complexities inherent in wine ownership and trading. Each of these investments enhances the market’s accessibility, fostering growth both within our business and the industry alike. The future of wine investment is incredibly bright, and we are poised to be at the forefront of this transformation.”
Cult Wines has charted an impressive growth trajectory, positioning itself as a compelling investment opportunity. In 2022, gross sales revenue topped £90m, a 32 per cent y-o-y increase. The company currently manages £290m worth of fine wine assets (a 45 per cent increase year on year).
“We are thrilled to partner with one of London’s most successful entrepreneurs,” said Christophe Navarre, former CEO and Chairman of Moet Hennessy. “As a disruptive force in an age-old industry dominated by traditional players, I see great potential for Cult Wines as they have already demonstrated a unique ability to leverage their expertise and drive value for investors in an ever-evolving market. As alternative investments continue to gain momentum, I believe Cult Wines will play a pivotal role in shaping the future of the fine wine market.”
This funding round, the first for the company, is aimed at bringing key industry players on board as advisors and advocates. It validates Cult Wines’ success in the category and overall strategy and growth, thereby bringing new audiences into what many still consider an exclusive category.
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