Full Glass Wine Co. Secures $14 Million Funding; Acquires Leading DTC Wine Subscription Brand, Bright Cellars
Full Glass Wine Co., a brand acquisition and management firm focused on direct-to-consumer ("DTC") wine, announced two significant milestones today: the successful closing of their Series A funding round for $14 million, led by Shea Ventures, and the strategic acquisition of Bright Cellars, a leading subscription-based wine service. This combined announcement signifies Full Glass Wine Co.'s commitment to become the dominant player in the evolving DTC wine market.
Full Glass Wine Co-Founder and CEO, Louis Amoroso, is a three-decade veteran and pioneer in the DTC beverage industry. Amoroso founded the largest wine and beer direct marketing company, Beverage Solutions, in 1991, and has since played a pivotal role in shaping the DTC landscape as he oversees the growth of multiple successful wine businesses.
The capital will fuel the company's multi-brand platform vision, complementing its existing portfolio of well-established players in the DTC wine market, Winc and Wine Insiders. Winc is known for its personalized wine recommendations and subscription service, allowing customers to discover new wines tailored to their preferences. Wine Insiders focuses on curating a selection of high-quality wines from around the world at accessible price points.
By acquiring Bright Cellars, Full Glass Wine Co. expands its subscription-based models, while Winc and Wine Insiders cater to different purchase preferences and price points. The diverse portfolio allows Full Glass Wine Co. to provide a broader range of consumer needs and preferences, solidifying its position as a one-stop shop for all things DTC wine. Additionally, the Bright Cellars acquisition further strengthens Full Glass Wine Co.'s market presence, expands its product portfolio, and empowers the platform to offer an even wider range of high-quality wines and exceptional customer experiences.
"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," said Neha Kumar, Co-Founder and COO of Full Glass Wine Co. "We are thrilled to welcome Bright Cellars to the Full Glass Wine Co. 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."
The $14 million investment fuels Full Glass Wine Co.'s growth strategy, which focuses on two key areas. First, the company actively seeks to acquire other strong players in the DTC wine space who share its commitment to exceptional customer experiences. This strategic approach allows Full Glass Wine Co. to expand its reach and expertise within the industry. Second, the funding will be used to enhance its operations through the development of innovative marketing campaigns, investment in technology to create a seamless and personalized user experience, and optimization of internal processes for efficient fulfillment and customer satisfaction.
"Shea Ventures is delighted to support Full Glass Wine Co. and the expansion of its wine portfolio," said Peter Callaghan, Managing Director at Shea Ventures. "Full Glass Wine Co. has the right team with the right vision to capitalize on the growing opportunity to sell wine directly to consumers and to rapidly increase its market share."
The acquisition of Bright Cellars brings several benefits to Full Glass Wine Co. By integrating Bright Cellars' loyal customer base, Full Glass Wine Co. expands its reach and connects with a broader audience of wine enthusiasts. Additionally, leveraging Bright Cellars' unique proprietary search algorithm allows Full Glass Wine Co. to further personalize the wine discovery experience for its customers, creating a more engaging and rewarding experience for all.
"Bright Cellars' strong reputation and loyal customer base are a perfect fit for Full Glass Wine Co.," said Louis Amoroso, Co-Founder and CEO of Full Glass Wine Co. "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.
Full Glass Wine Co. is committed to creating a future of wine discovery where consumers enjoy wine in a whole new way. The parent company offers curated selections featuring diverse and appealing options catering to various preferences and budgets. Additionally, by utilizing data and technology, Full Glass Wine Co. personalizes recommendations, fostering deeper connections between consumers and the wines they choose. Finally, Full Glass Wine Co. prioritizes convenience and flexibility, offering seamless online ordering, diverse delivery options, and flexible subscription models to meet individual needs.
Silverwood Partners served as financial advisor to Full Glass Wine on the transactions.
About Full Glass Wine Co.
Full Glass Wine Co. is a brand acquisition and management firm focused on rapidly acquiring Direct-to-Consumer (DTC) wine companies to build a multi-brand wine marketplace. Co-founded by industry pioneers Louis Amoroso and Neha Kumar, the company is revolutionizing DTC wine by leveraging the power of compelling storytelling, immersive content, groundbreaking business models, and personalized e-commerce experiences. Full Glass Wine Co. is committed to fostering long-term partnerships with its investors, who share a passion for shaping the future of the wine industry and unlocking unprecedented value for all stakeholders.
About Shea Ventures
Since 1968, Shea Ventures has actively invested over $1 billion in the venture capital ecosystem. Notable companies backed by Shea Ventures include AES, Affymax, Altera, Brocade, Fabrinet, Salesforce.com, and SolarCity. As a patient and growth-oriented investor, Shea Ventures looks to partner with entrepreneurs and venture capitalists who are leaders in their markets to build enduring companies.
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