Wine platform Crurated raises $7.2 million to expand reach

London-based fine wine club Crurated has raised $7.2 million from private investment to evolve its tech platform, reach into new markets and expand the partnerships with winemakers beyond its French and Italian heartlands.

The membership digital fine club was launched onto the market in May 2021 sourcing its wines directly from some of France and Italy’s top cellars and providing information and provenance details backed up by blockchain technology. In April it raised €3m to expand the platform to boost its blockchain and NFT technology, saying it was looking to expand the company’s reach into Tuscany, Piedmont, and the Rhône.

It is now eyeing up growth outside France and Italy, it said.

Founder Alfonso de Gaetano said the last year had been “both innovative and successful” for both the Crurated team and the producers they have partnered with.

“In addition to becoming the first wine community to offer fractional barrel sales backed by NFT technology, we signed an exclusive distribution deal with Charles Lachaux, grew our roster of producers to more than 60, and have attracted a younger demographic of oenophiles onto the platform,” he said.

The company argues that partnering with established producers and selling via fractional barrel, in addition to traditional lot purchases/auctions, appeals to this younger demographic, with strong demand causing it to sell out in some of it fractional auctions within hours. It argues that selling this way not only secures members the allocation, but means they can choose the format and also customise the labels.

Currently it reports that around 70% of its membership base is below the age of 45, with around a third (35%) of those members under the age of 35.

The company saw revenues up 214% in the first half of its second year of trading, compared to the previous year, with membership up by 180% over the same period, and 400% year-to-date.