Coravin secures funds for global push

Coravin has secured $13.6 million in funding that will allow the company to accelerate its global reach and carry out fresh research and development.

Launched in 2013, by the start of this year Coravin had sold 70,000 units of its product, which uses a thin needle to withdraw wine from a bottle without the need to open and consume its entire contents.

The technology, which retails for around £270 in the UK, has been embraced by both consumers and the trade, opening up the chance to sample high-end wines by the glass.

Earlier this year Coravin announced the appointment of former Nespresso executive Frédéric Levy as CEO to help the company expand its reach across Europe and Asia.

Announcing this latest round of funding, part of more than $39m raised by the company to date, Levy commented: “Coravin was founded on the belief that wine lovers should be able to enjoy the wine they want, when they want, without compromise or worry of waste.

“With this new round of funding, we will continue driving that mission forward while accelerating market expansion globally and further strengthening the brand and partnerships worldwide.”

Adam Fine, CEO of Windham Venture, which led this latest funding campaign, tracked the progress of Coravin’s team so far, observing: “They have made great progress in commercialising a game changing technology for the wine industry not just for aficionados, restaurants, and vineyards, but for consumers of all types who simply want to enjoy wine in an innovative way.”