NakedWines.com provides $3m investment for two California winemakers
NakedWines.com, a UK-based online winery, has brought together over 100,000 Angels to provide $3m investment for Tim Olson and Jeff Stai - two independent winemakers in California.
Olson has been making wine in California for over 21 years, while Stai founded Twisted Oak winery in Calaveras County with a focus on Mediterranean grape varieties.
Under the 'virtuous circle,' NakedWines.com first funds independent winemakers in return for exclusive wines at wholesale prices to sell them back to customers.
Since the wines are crowdfunded by customers, there are no marketing or sales costs.
Stai said: "I'm happy to offer twice the value of wine for the investment. As much fun as wine marketing can be, marketing does cost money. Reducing our marketing spend to chicken feed means I can charge my valued Angel investors less, and everybody wins."
Olson and Stai's customer-funded wines will be available exclusively to NakedWines.com customers starting on 12 December 2012.
So far, NakedWines.com has invested in 105 independent winemakers. The company, which ships an average of 10,000 bottles of wine every day, reported sales of $40m in 2011.