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Coravin looking to boost global expansion

Published:  09 November, 2016

American wine preservation company Coravin has completed the first round of a $22.5 million (£18.1 million) equity financing campaign to rapidly accelerate its global reach.

Coravin has already expanded its availability to over 50 countries this year, but plans to take this one step further via campaign to raise funds and and its profile. 

The funding so far has been led by a large European investor according to the company, which has seen "strong growth" since its launch into the marketplace in 2013.

"Coravin's entry into the wine industry was a catalyst for a fundamental change in how wine enthusiasts are able to taste and experience their favourite bottles," Coravin CEO Frederic Levy said.

"In just over three years since the Coravin? System was first introduced, consumers and professionals worldwide have been inspired to change the way they serve, share and enjoy wine. Our latest round of funding will enable us to continue to expand, so that wine lovers around the globe can savour each glass without compromise."

Coravin devices allow users to pour a glass of wine without pulling the cork.

They have launched two new versions this year, the Model Two Elite and Model One - made from plastic to make the device cheaper and lighter to reach wider demographic including a younger audience.

Investment will help to fund in-store demonstrations, marketing campaigns and logistics to fulfil seasonal orders.

US-based Coravin recently launched its first ever UK ad campaign which began with a takeover of One Piccadilly last week.

The campaign will run until the end of December with the strapline, "Stop screwing around" and will include a partnership with 28-50.