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Snobs Rejoice! Lot18 Plans Expansion into Europe, Poaches From Gilt

wine Snobs Rejoice! Lot18 Plans Expansion into Europe, Poaches From Gilt

Wino Vino

Lot18, the e-commerce startup focused on wine and fancy foodie items, has raised a whopping $45 million during its first year of existence. With backing from big names like Accel, it recently acquired Paris based Vinobest, and says it plans to conquer the old world wine market, a business twice as large as its U.S. cousin.

The company’s co-founder and President, Philip James, is already talking about profitability, telling Xconomy that is has plenty of capital on hand and will not look to jump into many different verticals.

Lot18 made a number of hiring announcements last week. They brought on venture vet Mark Piney, formerly of Tremor Media, as their CFO. They also nabbed Andrew Koch, formerly VP of Marketing at Gilt, as their VP of product. In the year since its launch lot 18 has grown from 6 to 90 employees and seen 13 straight months of growth.

A rash of e-commerce sites have seen rapid growth in New York recently, most notably Fab, which just raised a $40 million round. Big players are taking notice. At the recent Goldman Sachs conference in Las Vegas, where late stage growth investors looked to find promising IPO candidates, New York was represented by a number of young e-commerce startups like Birch Box, Warby Parker and One Kings Lane. For all the talk of the Big Apple finding its stride with deep tech, the fastest growing plays here are still centred on marketing and sales.

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Comments

  1. Samiam says:

    yada, yada, yada…borowing money is not at all related to making it. A loser business model, unlike wine will not improve with age. The end is near for Lot 18.