Naked Wines operates a platform focused on bringing wines from independent winemakers to customers and supporting those producers. The company said the new financing reinforces its liquidity and ability to invest in sourcing and offering wines. The firm secured a $60m credit facility with PNC Bank, replacing its prior facility with Silicon Valley Bank (a division of First Citizens). Features of the facility include a higher advance rate, improved inventory eligibility, no minimum cash holding requirement, reduced interest costs and greater operational flexibility. CEO Rodrigo Maza framed the deal as evidence of the strength of Naked Wines' balance sheet and business outlook. In its most recent trading update, total revenue for the year to 1 April 2024 was about £290m, down from £333m in 2023, and the company said it is driving towards profitable growth. NakedWines.com is a customer-funded online wine retailer that lets customers sponsor independent winemakers in return for roughly 25%–50% off retail prices and access to exclusive promotions. Launched in Britain in 2008 by Rowan Gormley and based in Norwich, England, the site reports 150,000 "Angels" who have invested over $40 million in 130 winemakers worldwide. The company ships over 10 million bottles annually. Sales grew to over $50 million in 2012, the year it recorded its maiden profit of $1.5 million, which was distributed to staff. The firm says it will use new funding to accelerate expansion into the U.S. and Australia, markets it had made available to buyers the prior year. NakedWines.com positions itself as elevating individual winemakers' profiles much like celebrated chefs in the restaurant industry.

Total raised

$70M

Funding rounds

2

Latest round

Debt Financing

Latest activity

Jul 2024