Fashion
Online marketplace startup Winery Philippines has raised an undisclosed amount in a new round of financing.
It says it will use the cash to boost its sales and marketing efforts and grow its customer and vendor base. The second round of funding, backed by a consortium of private investors, gives the company a seven-digit USD valuation, tripling its value a year after its initial funding round.
Winery Philippines was conceived in 2016 by a group of wine lovers who wanted to improve access to quality wine for Filipinos, the company says. It has become a curated online wine marketplace that sells product from boutique wine importers.
According to company data, retail wine revenue in the Philippines is expected to increase annually by 9 per cent to reach US$400 million in 2021.
Winery Philippines founder/MD Chris Urbano says 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 amid thinner competition, higher margins and a small but profitable and fast-growing segment.”
Most of Winery Philippines’ customers are in Metro Manila, but Urbano says it is growing order volume from provincial areas and second-tier cities.
