Closes $32.5 Million Growth Capital Investment from Goldman Sachs Asset Management Private Credit Group

SAN FRANCISCO, Nov. 19, 2018 /PRNewswire/ --, the nation's leading online wine retailer, today announced that it has raised $32.5 million in debt and equity financing from funds managed by Goldman Sachs Asset Management's Private Credit Group ("GSAM PCG"). The capital will be deployed to enhance's customer experience, brand awareness, and scale of the company's market-leading infrastructure.

"We're delighted with our new partnership with Goldman Sachs Asset Management," said Rich Bergsund,'s CEO.  "Their capital, expertise and continuing support is a game changer for as we continue to capitalize on the unique opportunities in the online wine business."

"We are proud to partner with a highly experienced management team that has built a best-in-class ecommerce platform serving an attractive demographic," said Matt Singer from GSAM PCG. "'s track record of growth and national scale creates a compelling platform and we are excited to help accelerate the company's expansion. Our investment is consistent with our strategy to partner with and provide long-term, flexible capital solutions to high growth companies that demonstrate unique and defensible business models."

Growth capital investments will include:

  • Product Innovation – Mobile makes up over 30% of's revenue, and millennials make up one-third of its customers. The company will continue to invest in features and services to help customers discover the world of wine, with confidence.
  • Marketing – Customers are becoming increasingly loyal, as earns their trust through world class selection and service. With a target audience of 10 million consumers, the company will invest in new channels and approaches to build brand awareness and attract new customers.
  • Infrastructure – operates a proprietary, multi-node fulfillment network, and will invest with the objective of enabling order accuracy and timeliness at multiples of its current scale.

About is the nation's leading online wine retailer, offering selection, guidance and convenience not found in brick and mortar stores. The company provides its customers access to the world's largest wine store, with live chat wine experts available 7 days a week. With multiple distribution centers and the most sophisticated retail wine fulfillment network in the United States, delivers in 1-2 days to most addresses, offering date-certain delivery and the convenience of shipping to 11,000 FedEx Office, Walgreens and affiliated local pick-up sites.  The company's popular StewardShip program provides unlimited wine delivery and exclusive access to new releases for $49 per year. Recently launched, the iOS app allows users to scan, rate and purchase wines on the go.'s mission, to inspire the wine lifestyle through innovation, is captured in its brand manifesto video, viewable here. For more information, visit the company's website at

About Goldman Sachs Asset Management Private Credit Group
The Goldman Sachs Asset Management Private Credit Group is a leading provider of debt and select equity solutions to middle market companies. We manage approximately $5.5 billion of capital, including our publicly listed specialty finance company, Goldman Sachs BDC, Inc. GSBD. Using a flexible approach, we partner closely with our valued middle market relationships to understand and tailor financing solutions to meet specific objectives for borrowers and their stakeholders. Our dedicated investment team has extensive experience in private credit investing through a variety of economic cycles. We pride ourselves on our ability to deliver on transactions with speed and creativity, and remain committed to building long term, mutually beneficial relationships.

About Baker Capital is a portfolio company of Baker Capital Corp., a NYC based private equity firm. Prior Baker Capital investments include InterXion, Akamai and Immedia Semiconductor, inventor and developer of the popular Blink home security camera.

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