The new capital will be used to invest in AI and technology, including Bright Cellars' wine-pairing algorithm that personalizes recommendations based on user preferences. Co-founder and COO Neha Kumar stated that the acquisitions will allow the company to optimize logistics for efficient delivery and leverage the power of established brands to create a powerful marketing platform.
Key takeaways:
- Full Glass Wine, a US wine brand acquisition and management firm, has secured $14 million in funding and aims to generate more than $100m in revenue in 2024.
- The startup is focused on acquiring direct-to-consumer (DTC) wine brands to build a multi-brand online marketplace. It has previously acquired Winc, Wine Insiders, and Bright Cellars.
- The company plans to use the new capital to invest in AI and technology, including a wine-pairing algorithm that learns from user preferences and ratings.
- Full Glass Wine's goal is to leverage data and AI to make personalized wine recommendations even more accurate and insightful, aiming to optimize logistics for efficient delivery and create a powerful marketing platform.