Wine.com Seeks Funding at Valuation of More Than $1 Billion

(Bloomberg) -- Wine.com, an online retailer that lets customers chat live with sommeliers, is exploring a funding round that’ll value it at more than $1 billion, according to people with knowledge of the matter.

The company has tapped an adviser for the fundraising, which may target so-called crossover investors or firms known for backing fast-growing companies ahead of a potential initial public offering, said the people, who asked not to be identified because the talks are private. Wine.com is seeking to raise around $50 million to $75 million, one of the people said.

A Wine.com representative declined to comment.

The San Francisco-based company, which offers a membership program that includes unlimited shipping, said this month that it posted revenue of $106 million for the quarter ended June 30, up 283% from a year earlier. Its trailing 12-month revenue was $244 million, a 79% increase. Wine.com said it held 20 virtual wine tastings that were attended by 40,000 households collectively.

“The last quarter has fundamentally changed our growth trajectory,” Chief Executive Officer Rich Bergsund said in a July 16 statement.

The company’s backers include Goldman Sachs Asset Management’s private-credit group and Baker Capital.

Many online retailers have seen sales surge as customers across the U.S. remain stuck at home amid efforts to stem the spread of Covid-19. On Thursday, e-commerce giant Amazon.com Inc. reported a record profit for the second quarter.

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