A former CEO of Moët Hennessy features among the latest round of investors in wine investment business Cult Wines.
The 16-year-old UK-based company, which provides an online platform – and advisory services – for “fine wine” investors, announced this week that Christophe Navarre had taken part in its latest seed fundraising round. Navarre, who left Moët Hennessy six years ago to “focus full time on [the investment fund he founded] Neptune International“, will subsequently join the board of Cult Wines in a strategic advisor capacity.
“As a disruptive force in an age-old industry dominated by traditional players, I see great potential for Cult Wines,” said Navarre. “As alternative investments continue to gain momentum, I believe Cult Wines will play a pivotal role in shaping the future of the fine wine market.”
According to the company, “gross sales” from the 12 months of 2022 were up 32% on the corresponding period a year earlier, totalling around GBP90m [US$114.8m]. The firm’s fine wine assets currently total GBP290m. The business model comprises two arms: Cult Wine Investment, which is a managed portfolio service, and CultX, a digital trading platform designed to “heighten market price transparency”.
Also involved in the funding round was Finnish Formula One driver Vallteri Bottas.
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