A first close of $200,000 was initiated by Wine by Design on its fundraising effort started this month. 20% of the $1 million non-brokered equity offering was placed with four investors. The private placement will remain open for a year while an additional $800,000 is raised by the company. The equity offering’s expected net proceeds will amount to $900,000 which excludes $100,000 to be paid toward officers’ salaries.
The company offers turn key solutions to create a signature wine. Once the company understands the objective and audience to position the brand and story, it will select a producer, winemaker and wine profile as well as create a name, brand and marketing and distribution strategy. The company is behind the creation of New York Jets’ wine “Jets Uncorked”.
The company, headquartered in Napa CA, is led by Diane Karle (Founder and CEO). Wine by Design elected not to disclose its revenues. The executive team includes Michelle Lassman (President).
Status: First close
Company: Wine By Design
Amount offered: $1,000,000
Amount placed: $200,000