Lovin’ Wine, a Brazilian canned wine startup, has raised BRL 2.4 million from 398 investors through the crowdfunding platform CapTable. With this follow-on round for Lovin, the investment hub said to have gone beyond the mark of BRL 70 million raised for more than 46 startups in its portfolio. Lovin’s round was closed in one day, with only 9 hours of promotion.
Founded in 2020 in Porto Alegre city by André Piccoli, Eduardo Glitz, João Paulo Sattamini, Daniel Skowronsky, Régis Montagna, Rudimar Pascoal, and Fernando Kwitko, in 2021 Lovin reported a 149% growth in revenues and the sale of more than 140,000 cans of wine – when it debuted, the startup depleted its stock of 15,000 cans in the first month. The e-commerce user base jumped from 2,000 customers to 6,000 in the first year. The goal is to exceed 10,000 customers this year.
Launched at the beginning of the pandemic, Lovin took advantage of the increase in wine sales. Data from the International Organization of Vine and Wine show that wine consumption jumped almost 20% in 2020. The production in Brazil also grew, registering an increase of almost 35%, while the imports grew by 10%.
Enjoying the good moment of the Brazilian market and the good initial receptivity to Lovin’s proposal, the startup made the first expansion moves, offering its cans in marketplaces such as Amazon, Magalu and Mercado Livre. Then it tested placing the products in physical stores, starting with premium stores such as St. Marché, Sam’s Club, Natural da Terra, Hortifruti, and Mambo.
Now, the newly-injected capital will be used to scale this strategy, placing Lovin’s cans in all major supermarket chains in the country. The second step is to expand the portfolio, with the launch of products in special and limited editions. Half of the total amount raised will be used for the company’s working capital, and the other 50% will be used for launches and marketing efforts.
Lovin says that the Brazilian market still has a lot to grow, especially when compared to the wine volume consumed by countries like France and Portugal. “Currently Brazilians consume about 2.75 liters per year, while the Portuguese and the French consume about 50 liters/year. This just shows us that the wine market has a lot of potential for growth and market expansion,” said Sattamini.