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Naked Wines secures additional £6.4m for expansion abroad

Published:  23 August, 2013

Norwich-based Naked Wines has announced it has secured a third round of funding of £6.4 million from German WIV Wein International AG, a founding shareholder in the company, bringing the total amount invested by WIV in the online retailer to £15.4 million.

Naked Wines uses a customer-funding model allowing its 150,000 customers, or "angels", to select which winemakers to invest in by purchasing their wines.

The new round of funding will be used primarily towards the retailer's expansion in the US and Australian markets. The company began an initial outreach in the foreign markets last year.

The company declared its profit of £1.5 million last year, which it redistributed to staff, and ships 10 million bottles a year in the UK, US and Australia. 

Rowan Gormley founded the company in 2008, he is the former chief executive of Virgin Money and Virgin Wines.