Australian wine start-up raises $19m from Blue Sky

The capital will be used to roll out the company's marketing strategy in China, Hong Kong, Singapore, New Zealand, the US and the UK, according to a statement. Blue Sky's equity stake was not disclosed.

"In just five years, [Vinomofo co-founders Andre Eikmeier and Justin Dry] have built a cracking business with huge scope to scale globally, which is where we come in," Elaine Stead, investment director at Blue Sky VC, said. "This is why we have started fundraising for a A$200 million fund, as we are now coming across companies that need at least A$20 million to execute on their expansion plans,"

The investment is understood to be the largest venture funding round committed by Blue Sky and the first time Vinomofo has received VC investment. According to the Australian Financial Review, it also represents Australia's largest tech start-up investment to date without assistance from overseas players.

Vinomofo claims to have posted year-on-year revenue growth of 100% over the past 12 months and is on track to suprass A$50 million for the current financial year. It has a member base of more than 400,000 and employs about 100 people.

Blue Sky launched its A$200 million fund last year targeting lower-risk, late-stage venture and early-stage growth deals in Australia. This followed a debut fund in 2013 which closed at A$10 million. The firm's investments to date have focused on e-commerce, consumer technology, medical devices and specialty pharmaceuticals.

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