F1 driver Valtteri Bottas and the former chair of Moet-Hennessy are among the names to have backed a fresh £1.7m funding injection in wine investment firm Cult Wines, the firm announced today.
Cult Wines, founded in London in 2007, announced today the seed fundraising round was led by Christophe Navarre, the former Moet-Hennessy chief and chairman with backing from Alfa Romeo’s Finnish Formula One star Valtteri Bottas.
Chris Jones, former Blackrock CIO of Global Active Equities, and Reda Bedjaoui, founder of fintech firm Privat 3 Money also backed the round. Navarre and Jones will now join the board as strategic advisors.
In a statement today, the firm said it would now inject the cash into an “aggressive growth trajectory” and look to snap up more market share in the expanding wine investment market.
“This investment is indicative of our unwavering commitment to redefining the fine wine market,” said Tom Gearing, CEO and co-founder at Cult Wines.
“As we continue to innovate and expand our global footprint, we remain dedicated to unlocking the full potential of wine as an asset class by investing into technology, robust data and innovative solutions that address the complexities inherent in wine ownership and trading.”
Cult Wines is split into two divisions: Cult Wine Investment, an investment management portfolio service, and CultX, a digital trading platform for buying and selling investment grade fine wines. It manages a global fine wine collection worth more than £290m, which has surged 45 per cent year on year.
In 2022, gross sales revenue topped £90m, a 32 per cent uptick on the previous year.
In a statement, Navarre said he was thrilled to be partnering with “one of London’s most successful entrepreneurs.”
“As alternative investments continue to gain momentum, I believe Cult Wines will play a pivotal role in shaping the future of the fine wine market,” he added.
Interest in wine investment has skyrocketed in recent years, with companies like Cult Wine, OenoFuture, and Vin-X, offering retail investors a simpler route into the market. The sector has also been boosted by A-lister backing from Jay Z, David Beckham, and a ream of American sports stars. However, investments stalled in the first quarter of 2023.