8th April 2008 – Slurp Second Round Funding Success
Aspiration Capital Management LLP, the private venture capital fund, has participated in the second round of financing for Ribica International Limited, the owner of the fast growing online wine company Slurp.co.uk. Aspiration Capital has invested an additional undisclosed sum alongside existing investors and management, taking its ownership to over 41%.
The funds will be used for a major marketing campaign in 2008, and for the further development of the www.slurp.co.uk website. Slurp is also negotiating with a number of smaller producers about importing and marketing their wines into the UK.
Aspiration Capital founder and Chief Investment Officer Dr Jeremy Howard said:
"Slurp has made great strides since our initial investment in 2006. Sales are on a steady upward trajectory, as are customer numbers and website traffic. We are delighted to have the opportunity to purchase more equity at this time, as we believe that the middle and upper ends of the online wine market are poorly served by online merchants at the moment.
Slurp Managing Director Paul Mitchell said:
"People are increasingly looking for an alternative to mass produced, supermarket-style wines. And people love the convenience of shopping for their wine on the internet. This is why Slurp was founded. The closure of our second round gives Slurp the opportunity to promote our message more effectively and to invest in developing our range of innovative new services.
We also believe that a lot more can be done with the internet to help people choose the right wine for the right occasion. This investment will help us complete our suite of internet tools to do just this."
