Fine wine NFT platform raises €6 million for expansion
Winechain, an NFT platform specializing in DTC sales of fine and prestige wines, has raised €6 million in backing from some of the best-known names in fine wine, ahead of its launch later this year.
The startup, which was founded by the former head of Amazon Europe, Xavier Garambois, Guillaume Jourdan, CEO of VitaBella and Nicolas Mendiharat, CEO of the San Francisco Palate Club, launched in late May 2022, having secured more than $1 million in support from wineries and wine lovers.
It has now increased its investment to around $6 million in total, securing backing from the Rouzaud family of Champagne Roederer and Château Pichon-Comtesse, along with the Reybier family of St Emilion’s Château Cos d’Estournel, as well as venture capital fund Fabric Ventures, aiming to to accelerate technological development.
The new supporters join some familiar names, which include the Moueix family of Videlot and the Perrin family of Château de Beaucastel.
The platform aims to be a “new generation” marketplace for wine NFTS, called wiNeFTs, which uses blockchain technology and Web3 (a new iteration of the worldwide web that includes blockchain technology and token-based economy) to enable a “interactive” direct-to-consumer sales channel supported by global logistics, the company said earlier. It has already signed up the global logistics provider CMA CGM Group, which has taken a minority stake in Winechain together with its founder, CEO Rodolphe Saadé.
Winemakers who are part of the platform can choose which wines they want to sell on Winechain, and access the platform’s global community of buyers meaning they can interact with their community of buyers directly.
Frédéric Rouzaud CEO of Champagne Louis Roederer said the investment was an expression of the desire to “constantly innovate and encourage innovation”.
“In the vineyard, in the cellar and in all aspects of our activity, we are in perpetual motion, aware of the times and practices that are constantly evolving. For us, Winechain is a means to pursue this approach and to go even further in terms of proximity and dialogue with wine enthusiasts, he said.
Michel Reybier of Château Cos d’Estournel added that it was “essential” to consider the new technologies supporting the wine sector, especially with marketing campaigns aimed at future generations.
“Our current commitment to blockchain and wiNeFT dynamics is a means to allow us to prepare for the future by using our traditional strengths. The digital tools offered by Winechain will certainly play an important role in our goal of increasing the international the range of our wines, he said.
Max Mersch of FABRIC Ventures explained that the increased traceability, transparency and accessibility would open up the world of wine to a new generation of wine enthusiasts.
“The wine enthusiast market is expanding at a pace that is rapidly outgrowing supply, and yet winemakers are still looking to find ways to connect directly with end consumers rather than the many logistical intermediaries currently in place,” he said. “By creating NFTs for each case of wine right at the source, winemakers will have a transparent data-driven view of their customers, will be able to store the wines in perfect conditions while the wine is traded and will be able to benefit from royalty fees throughout the secondary market.”
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