Last Updated on September 8, 2022
- Winechain has raised $6 million in a funding round backed by FABRIC Ventures.
- The fundraising also attracted participation from several family offices, joining Moueix (Videlot) and Perrin (Château de Beaucastel) families on the platform.
- The dedicated NFT marketplace for premium wines plans to use the funds to accelerate platform development.
Winechain has raised $6 million in a funding round backed by the Rouzaud family known for leading wine brands including Champagne Roederer / Château Pichon-Comtesse, Reybier family of Château Cos d’Estournel and Web3 venture capital FABRIC Ventures.
The new investors join existing investors the Moueix known for Videlot and Perrin the makers of Château de Beaucastel / MIRAVAL.
Winechain said it will use the funds to accelerate the development of platform technology. The company NFT marketplace is dedicated to premium wines and is looking to leverage web3 technology to onboard the multi-billion industry to the blockchain.
Frédéric Rouzaud (CEO, Champagne Louis Roederer) commented: “This investment is an expression of our desire to constantly innovate and encourage innovation. In the vineyard, in the cellar, and in every aspect of our activity, we are in perpetual motion, attentive to the times and practices that are in constant evolution. For us, Winechain is a means of pursuing this approach and of going even further in terms of proximity and dialogue with wine enthusiasts.”
Winechain is not the only company looking to blend the industry’s popular age-based valuation principles with crypto0based earning concepts. Last month, Pont des Arts teamed up with NFKings to bring blockchain age-to-earn support to the wine industry.
The two companies launched the MetaVineyeard Club, which will allow wine collectors to leverage blockchain age-to-earn mechanisms to create an extra layer of income.
Winechain wants to use NFTs to introduce blockchain-based tracking of wines from the source to the final consumer, allowing them to earn royalties as the wine moves through the supply chain.
Commenting on his firm’s participation in the fundraising, Max Mersch Partner, FABRIC Ventures said: “Winechain is bringing Web3’s immutable traceability, transparency and accessibility to the wine world, in an effort to open it up to a whole new generation of wine enthusiasts. The wine enthusiast market is expanding at a pace that is rapidly outgrowing supply, and yet wineries are still looking to find ways to connect directly with their end consumers instead of the multiple logistics middlemen currently in place.”
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