Next Wine raising funds to aid growth
Last Updated: 17:05 December 19, 2013
A recent Securities and Exchange Commission filing shows that Next Wine can raise up to $1 million in the current round, with $15,000 being the minimum investment.
Next Wine began marketing and distributing two wine brands in January: Saint Glinglin and My Essential. Next Wine contracts with wineries to make its wine and markets its French and Californian offerings exclusively in the United States.
Betts, whose mantra is "wine is a grocery, not a luxury," has founded multiple wine labels in the past, and he's the author of the recently released book "The Essential Scratch and Sniff Guide to Becoming a Wine Expert."
Miller said Thursday that the new equity financing round will help grow Next Wine's current offerings. He said the funding round is nearly complete but declined to say how much had been raised so far or what the privately held company's revenue has been since launching.
Next Wine conducted an equity fundraising round upon the company's founding last year, though no documents with the SEC indicate the final amount raised.
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