29/07/2020 - 15:56

Digital Wine Ventures seeks $6m

29/07/2020 - 15:56

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Subiaco-based Digital Wine Ventures has launched a $6.15 million capital raising to fund the expansion of its cloud-based WineDepot platform.

Digital Wine Ventures seeks $6m
DWV is seeking to expand its flagship software product, WineDepot. Photo: Kym Ellis

Subiaco-based Digital Wine Ventures has launched a $6.15 million capital raising to fund the expansion of its cloud-based WineDepot platform.  

The company invests in technology businesses that service the $300 billion global wine and beverage industry. WineDepot is its flagship software product.

Last week, DWV said customer demand for WineDepot had increased by 93 per cent on the previous quarter, with the company recording 7,754 orders in the three months to June 30.

WineDepot had also generated revenue of $271,000 over the quarter, up 50 per cent on last quarter.

DWV says the proceeds from the capital raising will help fund the launch of the WineDepot Marketplace, as well as expand the Smart Logistics business required to support the Marketplace.

Investments will be made in technology and development, sales and operational resources and marketing, DWV said.

The company will issue 200 million shares priced at 2.5 cents each under a placement, with DWV directors to collectively contribute $150,000. Blue Ocean Equities is acting as lead manager.

DWV is seeking a further $1 million by way of a share purchase plan, also priced at 2.5 cents per share.

DWV emerged from a trading halt today, with its shares closing down 17.5 per cent to trade at 3.3 cents each.

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