Ferovinum, a London-based finance and supply chain platform for wine and spirits companies, has announced the completion of its Series A funding round, raising over €20.8 million. The round was led by Notion Capital, a leading European SaaS and cloud investment firm, whose general partner Joss White will join the Ferovinum board. Shapers VC, Semapa Next and Ferovinum’s existing shareholders also participated in the oversubscribed round.
Companies in the beverage industry face a very specific set of challenges, including significant liquidity constraints (with money tied up in inventory and payment terms), a complex and outdated supply chain, and a highly regulated global marketplace that creates friction and barriers to selling internationally. Ferovinum has created a comprehensive digital platform that helps companies finance, produce, buy and sell global wine and spirits.
The company has already seen tremendous growth in the UK market, with over £170m of products traded through the platform and 1,000% year-on-year sales growth since early 2023. To date, Ferovinum has deployed over £114m of funding to support UK wine and spirits producers, enabling a massive influx of capital markets into the wine and spirits industries. This new funding will enable the company to enter new markets and expand its product range across finance and supply chain. The service will also launch in the US and Europe later this year.
Ferovinum currently works with a range of high-growth clients in the UK drinks industry including two of Edinburgh’s most exciting new independent distilleries, Holyrood Distillery and Port of Leith Distillery, English sparkling wine pioneers such as Ridgeview Wine Estate and Hundred Hills Winery (in 2024 Ferovinum will become the largest provider of working capital to the English sparkling wine industry), as well as category innovators such as canned cocktail company Moth Drinks.
“Verofinum leverages technology to give SMEs in the beverage industry access to financing and a full suite of supply chain services. In this way, it enables its clients to compete more effectively with larger companies and, ultimately, unlock growth. We couldn’t be more excited to invest in this disruptive company,” said Joss White, General Partner at Notion Capital.
“The wine and spirits industry is worth $800 billion a year, yet we run it in an outdated and inefficient way,” added Mitchell Fowler, co-founder and CEO of Verofinum. “At Verofinum, we are passionate about building technology for the sector in a way that provides the foundation for the most exciting next-generation brands and sellers to succeed. This funding will allow us to do that on a larger scale. We are very excited to have Notion Capital back us – they have a proven track record and a great team when it comes to B2B software as a service. Joss White will be an invaluable member of our board – he’s the Yoda of SaaS!”
