Start Enginea top securities crowdfunding platform, acquired VinovestA niche wine and whiskey investment platform. Terms of the deal were not immediately available.
According to the statement made by the company, Vinovest currently hosts 200,000 registered users. Since its founding, Vinovest has provided approximately $140 million worth of wine and whiskey to its users.
Brent AkaminVinovest Co-Founder and CEO said that by joining StartEngine, they can now deliver their mission to more investors.
Howard MarksStartEngine co-founder and CEO said:
“Vinovest is opening up a new category of alternative assets for our investors, staying true to our mission of expanding access to private markets. What stood out to me was how similar our communities are: investors are looking for uncorrelated investments for their portfolios. Pre-IPO funds and wines are uncorrelated assets.”
Vinovest is expected to continue operating as a wholly owned subsidiary under its existing brand.
StartEngine said it expects retail investors’ interest in alternative assets such as wine and whiskey to increase. At the same time, the wine and alcohol industry is going through a period of transition as younger consumers reduce their alcohol consumption and the once-important Chinese market reverses its interest in other popular beverage markets such as fine wine and Bourbon. This decline in consumption has affected wineries and distilleries around the world. Still, enthusiasts may find it appealing to participate in a new, unrelated market. Vinovest reported returning over $27.5 million of capital to its investors through completed or partial exits and sales.
