WINE AND TECH GIVE GOOD VINTAGES AT VINOMOFO
VINOMOFO chief executive Paul Edginton reckons the online wine retailer’s barolo six-pack is a decent buy.
That the six-pack of Italian reds tips the scales at just under $350, and sits comfortably on their website next to Torbreck reds and French sparkling at $100 a bottle, shows how far the company has come since it launched as a “deal a day” online offering a decade ago.
Since then the Melbournebased, Adelaide-founded company has kept the M&A industry busy, with an early deal with Catch of the Day’s
Gabby and Hezi Leibovich back in 2012 when turnover was a modest $5m.
Catch Group sold its 25 per cent stake just 15 months later to a group of Adelaide investors, and another deal with the now-defunct Blue Sky Alternative Investments – $25m at a valuation of about $100m – ensured the market kept a keen interest in the company. Mr Edginton said the company was now focused on doubling down on its tech and marketing skills.
“It’s been a good couple of years for Vinomofo,’’ Mr Edginton said. “That move to online shopping – we’ve been part of that wave.”