Total amount raised
$23 Millions
Latest funding date
Location
Plum has successfully raised funding through multiple rounds, including a Series B, to support its innovative wine preservation technology. The company offers an appliance that automatically identifies, chills, and serves wine at the perfect temperature, aiming to deliver a premium wine-drinking experience.
Keep reading to explore the intricacies of Plum's fundraising journey and the investors backing this unique platform.
What Is Plum?
Plum, founded by David Koretz in 2015, is based in Dania, Florida. The company specializes in creating an appliance that automatically identifies, chills, and serves wine at the perfect temperature. With a team of 11-50 employees, Plum aims to enhance the wine-drinking experience by ensuring each glass is preserved and served optimally.
How Much Funding Has Plum Raised?
- Seed Round
- Amount Raised: $4M
- Date: June 2015
- Lead Investors: Khosla Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and bring it to market.
- Series A
- Amount Raised: $9M
- Date: July 2017
- Lead Investors: Khosla Ventures, Las Olas Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow following the launch and initial vision to transform the in-home wine by the glass experience.
- Series B
- Amount Raised: $10M
- Date: May 2018
- Lead Investors: Las Olas Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the expansion of the "Plum for Hotels" program throughout the U.S.
Total amount raised: $23M. Current valuation: Not publicly disclosed.
Key Investors
- Las Olas Venture Capital
- Details: Based in Fort Lauderdale, Florida, Las Olas Venture Capital focuses on early-stage startups. The firm aims to support entrepreneurs by connecting them to networks of capital, talent, and customers.
- Investment Focus Areas: B2B technology, complex coordination business problems.
- Notable Investments: Plum, SmartHop, Xendoo.
- Khosla Ventures
- Details: Founded by Vinod Khosla, Khosla Ventures is a venture capital firm that invests in early-stage companies. The firm is known for its focus on technology and innovation.
- Investment Focus Areas: Technology, healthcare, sustainability.
- Notable Investments: DoorDash, Square, Impossible Foods.
- Chuhan Wang
- Details: Chuhan Wang is an angel investor with a focus on technology and consumer products. Wang has been involved in several early-stage investments.
- Investment Focus Areas: Technology, consumer products, startups.
- Notable Investments: Plum, other undisclosed startups.
- Notable Angel Investors
- Details: Several notable angel investors from the technology, wine, and hospitality sectors have backed Plum. These investors bring a wealth of industry experience and connections.
- Investment Focus Areas: Technology, wine, hospitality.
- Notable Investments: Plum, other undisclosed startups.
What's Next for Plum?
Plum's future looks promising with the expansion of its "Plum for Hotels" program, aiming to bring an innovative, in-room wine by the glass experience to luxury hotels. This initiative not only enhances guest personalization but also creates a new profit center for hotels. With plans to roll out in over 50 hotels, including prestigious names like Four Seasons and Waldorf Astoria, the opportunity is substantial.
As the demand for personalized luxury experiences grows, Plum is well-positioned to capitalize on this trend. Future fundraising rounds seem likely, given the successful Series B and strong investor backing. However, scaling the program effectively and maintaining technology quality will be critical challenges. Competition and supply chain logistics also pose potential hurdles as Plum continues its expansion.
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