Winery Lane, the marketplace based startup that looks to connect consumers with independent wineries across the country, is now accepting investments on Birchal, one of Australia’s first equity crowd funding platforms.
The company which was founded by Cameron Harris and Stephen Mobbs back in 2015 is looking to raise between $300 and $900,000 at a $4,360,000 pre-money valuation to help expand their reach and take a larger share of the $28 billion Australian liquor industry.
Since opening up their campaign to accept investments the company has already received more than $30,000 in investment, or 10% of their minimum $300,000 goal.
The use of the funds will be critical in helping the company achieve the revenue targets outlined in their offer document available on the Birchal platform. The company is targeting revenue of more than $550,000 in FY 2018, growing to more than $2,600,000 in FY 2019.
This growth is based on a number of assumptions including growing the number of wineries on the platform to 39 and increasing their database of customers to over 30,000. Long term the company “believe 50 to 60 wineries from Australia’s premier growing regions will be ideal.” and help them achieve their goal of making it as easy as possible for you to discover new wineries and new wines.
Winery Lane will no doubt hope to follow in the footsteps of fellow Australian startup VinoMofo that has grown revenue to more than $70 million and securing millions of dollars in funding, including one of the largest Australian funding rounds in 2016 when they picked up $25 million from Blue Sky Capital.