Corporate: Digital Wine Ventures tells shareholders it’s beginning to taste cash flows from WINEDEPOT
Digital Wine Ventures (ASX:DW8) climbed 17 per cent this morning after telling shareholders its wine ordering platform WINEDEPOT processed its first orders.
WINEDEPOT was launched in July 2019 and allows wine industry players to handle orders and logistics online. Digital Wine Ventures reported increased orders and said revenue generation would begin this quarter.
The company expects orders to increase as Christmas gets closer. Customers can order wines for Christmas lunch right up until two days beforehand while other platforms have cut-offs up to weeks in advance.
The platform makes money from storage and fulfilment fees.
While the platform has begun in Australia, the company wants to expand into other markets, particularly China – Australia’s most important wine export market.
Digital Wine Ventures is in the middle of a capital raise to expand WINEDEPOT. It is aiming for $612,000 from a rights issue after having banked $1m from a placement.
Stockhead has contacted the company for comment.
CEO Dean Taylor stated back in September his firm could make the ASX 200 someday.
Shares rose by 17 per cent this morning.
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