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Balderton Capital leads $10.3m VC investment in wine app Vivino

17 Jul 2013

Denmark-based wine app Vivino has received $10.3m in Series A funding in a round led by VC firm Balderton Capital.

Vivino’s previous investors include Skype founder Janus Friis, Copenhagen-based Seed Capital, and Nordic venture capital firm Creandum, all of who participated in this latest funding round.

The new funding brings the total amount of investment capital that Vivino has received to date to $12.4m. Founder and CEO Heini Zachariassen said the new funding will be used largely for product and business development and to market Vivino more widely throughout Europe and the Americas.

Vivino currently receives 2 million scans of wine labels per month, a serious growth from 80,000 scans per month at launch in April 2012.

Roberto Bonanzinga, partner at Balderton Capital, said, “Heini and his team have built the most innovative and popular wine app across both iPhone and Android. We look forward to bringing our experience in supporting successful European entrepreneurs expand in the US market. We are delighted to be part of the next important stage of global expansion for Vivino.”

Balderton Capital is the former European investment arm of Benchmark Capital. Earlier this year Altassets reported that the firm was due to return to the fundraising market through the launch of its fifth fund.

The firm currently manages about $1.9bn across its four funds, with the bulk of its capital coming from university endowments, charitable foundations and pension funds.

It was founded as Benchmark Europe in 2000 by Silicon Valley-based venture firm Benchmark Capital, but spun out as an independent business in 2007.

Balderton’s previously gathered $500m for its 2000 debut fund, $375m for its second vehicle four years later, and $550m for Fund III in 2006.

Its recent investments include £2m for UK landlord software platform Rentify and leading a $7.5m Series A round for UK web data analysis company QuBit.

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