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BOXT, an Austin-based wine start-up, has raised $ 9.35 million in equity and debt financing to increase its share of the US fine wine market.
The funding round was led by Next Coast Venture with participation from WX Brands, Silicon Valley Bank and several angel investors. Mike Smerklo, co-founder and CEO of Next Coast Ventures, spoke about the company’s participation in the tour, saying:
“Sarah was our Entrepreneur in Residence at Next Coast Ventures. When she first presented the idea to me, my immediate reaction was, “No more new ideas. It’s the good one.’ Since that time, it has been amazing to see the BOXT team embrace this vision and transform it into a rapidly growing company that delivers an incredible customer experience every month â€.
Founded in 2071 by Sarah Puil, an entrepreneur with over 18 years of experience in management positions, BOXT aims to change the way wine is distributed and consumed while making it more accessible. The startup pays particular attention to the environmental impact of its products by planting a tree for each BOXT it produces and by using recyclable materials. Sarah Puil said of the startup’s mission:
“Our goal is to be everyone’s glass of house wine. We are excited to use this investment to expand our marketing to grow membership and brand awareness, fund the development of technologies to reduce our carbon footprint, and continue to research the best ways to deliver an experience. sustainable luxury winery to our members.
Not only does BOXT use environmentally friendly 100% wood compostable boxes to package its wine, it has also taken an innovative approach by offering consumers wines made by taste rather than grape variety. This makes it easier for consumers to choose and taste a new wine by eliminating the need to question. With eight tastings available to date, wine lovers can choose to subscribe to a delivery service through a monthly subscription or by ordering a la carte.
According to Wine Institute, the United States saw a total wine consumption of 1 billion gallons in 2020, a first for the world’s largest economy. By changing the way people access and buy wine, BOXT seeks to become a major player in the industry by making it easier for people to enjoy the full wine tasting experience.
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