Online wine marketplace Winery Philippines raises fresh funds

Photo from Winery Philippines' website

Online wine marketplace startup Winery Philippines has raised an undisclosed amount in a new round of financing that it will use to boost its sales and marketing efforts and grow its customer and vendor base in the country.

In a statement on Tuesday, Winery Philippines said, the second round of funding, which was backed by a consortium of high-net-worth private investors, gives the company a seven-digit USD valuation, tripling its value a year after its initial funding round.

Winery Philippines was first conceived in 2016 by a group of wine lovers, who wanted to improve access to good quality wine for Filipinos, the company said. It has become a curated online wine marketplace that sells wines from boutique wine importers from around the world.

According to company data, retail wine revenue in the Philippines is at $300 million and is expected to increase annually by 9 per cent to reach $400 million in 2021.

“About 3 to 5 per cent, or $12 million to $20 million, is estimated to be derived from online sales channels. High demand for wine is sustained by the growing number of middle- and higher-income consumers,” Winery Philippines said.

Chris Urbano, Founder and Managing Director at Winery Philippines, revealed that while venture capital has poured into Chinese wine and spirits marketplaces over the past five years, smaller but promising markets like the Philippines are still off the radar for many investors.

“Our backers see the chance to establish early market leadership amidst thinner competition, higher margins and a small but profitable and fast-growing segment,” he said

The company did not disclose the exact amount of funds it raised in the second round but said it will use the investment to further accelerate sales and marketing activities and fund operational capacity to service its growing customer base and vendor partners.

Winery Philippines currently serves a majority of customers in Metro Manila, but said it is growing order volume from provincial areas and second-tier cities.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.