Ferovinum secures £17.5m for global expansion
Supply chain platform Ferovinum has raised £17.5 million (US$23.3m) to unlock new markets worldwide for wine and spirits brands.
The funding comes from the completion of Ferovinum’s series A funding round, led by Notion Capital, a European SaaS (software as a service) and Cloud investment firm.
Ferovinum has created an end-to-end digital platform that helps businesses fund, produce, procure and sell to global wine and spirits markets. The aim is to simplify some of the barriers that come with selling wine and spirits internationally.
Mitchel Fowler, Ferovinum co-founder and CEO, said: “The wine and spirits industry is worth US$800 billion annually, and yet we’re running it in an archaic and inefficient way.
“At Ferovinum, we’re passionate about building technology for the sector in a way that provides the rails for the most exciting next generation of brands and resellers to succeed.
“This funding will allow us to do so on a larger scale. We’re so excited to have Notion Capital supporting us – they have a tremendous track record and team when it comes to B2B software as a service. Jos White [general partner at Notion Capital] will be an invaluable board member – he’s the Yoda of Saas.”
Ferovinum has seen growth in the UK, with more than £170 million (US$230m) of product transacted through the platform. Annual sales have grown by 1,000% since early 2023.
To date, the company has invested more than £114m (US$151.6m) of funding in support of UK wine and spirits producers, allowing a ‘huge flow’ from capital markets into the wine and spirits industries.
With its latest funding, Ferovinum will be able to enter new markets and expand its product set across funding and the supply chain. The service will launch in the US and Europe later this year.
Examples of distillers Ferovinum is already working with are Holyrood Distillery, and Port of Leith Distillery in Scotland. The company also works with canned cocktail brand Moth Drinks.
Notion Capital’s White said: “Ferovinum’s platform leverages technology to give small and mid-sized players in the drinks industry access to funding, and an integrated set of supply chain services.
“In this way they enable their customers to compete more effectively with the large corporates and, ultimately, to unlock growth. We couldn’t be more excited to invest in this industry disruptor.”
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