- Double-digit million exit proceeds for Project A
- First major exit for Brazilian investment operations
Berlin/ Sao Paulo, September 7th, 2018. The Berlin-based Operational VC Project A today announces the exit of Evino, one of its Brazilian portfolio companies. The parties have agreed not to disclose more details about the purchase price or the buyer, but Project A will receive exit proceeds in the double-digit million range. Evino's founders and management team will remain with the company. For founding investor Project A, the acquisition marks the first significant exit of their Brazilian investment operations.
Evino is a Brazilian wine e-commerce company based in Sao Paulo. The company has been profitable in 2015 and has been focusing on growth since then, showing a current revenue rate of more than 50 million euros. To date, Evino is specialized in importing and selling European wines and has become a renowned player in the industry with 250 employees and 600.000 active customers, doubling in size in the past two years. Evino has build an innovative inhouse logistics infrastructure spreading over 6,000 m². In January 2017, the company acquired a storage management system provider to scale their operations.
Project A has been involved since early 2013, when the company went from zero to operational in less than 60 days, due to Project A’s support with critical operational know-how, especially during the first phase of operations.
“We’re excited to look back at the fantastic journey of Evino so far and are very happy that we had the chance to be part of it”, says Uwe Horstmann, partner at Project A. ”Despite the current status of the Brazilian economy, the company has operationally always been developing very strongly, which underlines the strong execution capability of the management team, whom we’re wishing all the best”.
Brazil is the largest and most mature startup ecosystem in Latin America, that constantly produces successful digital companies such as Evino, though being in a challenging environment. For Project A, Brazil has been a focus area in 2012 and 2013, before the overall crisis led to a strong deterioration of the overall investment climate.
Another promising investment in Brazil is the logistics company Intelipost, founded by entrepreneur Stephan Rehm. The startup offers a SaaS solution for the highly fragmented Brazilian logistics market, connecting e-commerce businesses to all main logistics providers.
Evino is an innovative online wine business, founded in April 2013 by Ari Gorenstein and Marcos Leal in São Paulo, Brazil. Evino enables its Brazilian customers to get to know and to appreciate the culture of wine drinking. In the exclusive online store, customers are offered a broad and weekly changing assortment of selected wines with an excellent value-for-money.