US: Wine.com secures $8m acquisition funding
The on-line wine retailer San Francisco-based Wine.com has secured US$8m in funding to finance growth and acquisitions.
At the same time, in a deal that closed today, the company announced the purchase of one of its key affiliate partners and suppliers, Oakland-based A.K.A. Gourmet, a leading provider of gift baskets to corporate, retail, and individual customers.
The price of the acquisition, which included operating assets and liabilities, was undisclosed.
The latest funding round included $5 million in equity and an additional $3 million in debt financing. Current investors, including Wine.com chairman Chris Kitze and RoJaSi Venture Group, were the lead funders.
"The purchase allows us to accelerate growth and profitability while substantially extending our customer base," said Wine.com CEO Peter Ekman.
The company said it expects a strong fourth quarter, with an estimated US$1.5m profit.
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