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Pacific Mercantile Bank Provides $7MM Credit Facility to Winc

March 03, 2021, 07:21 AM
Filed Under: Wine Production

Pacific Mercantile Bank provided a $7.0 million credit facility to Winc, Inc., an online winery and wine club. In addition to the financing, Winc utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.

Winc is a modern winery with a direct connection to the consumer, building a portfolio of brands for the next generation of wine drinkers. After launching in 2011 with the goal of making discovering great wine easy, Winc continues to disrupt the $220 billion wine industry. Driven by the vision of a great bottle on every table and a great story in every bottle, Winc seeks to create more custom experiences for its members and bring ease and exploration to the process of buying and enjoying wine. The company's unrivaled access to consumer insights has helped shape the development of iconic brands like Summer Water Rose®, the viral hit embodying the rosé state of mind, and Folly of the Beast®, the supremely accessible Pinot Noir of uncompromising quality. In addition to its online subscription service, Winc’s sought-after brands are available in progressive restaurants and premium retailers nationwide.

“We have seen a dramatic increase in subscribers since the start of the COVID-19 pandemic as consumers have gravitated towards our convenient, highly personalized approach for delivering a unique wine experience at an affordable price,” said Carol Brault, Vice President of Finance for Winc. “Given the incredible growth we are seeing, we needed a banking partner that could support our continued expansion and development of new brands to offer consumers, including our new line of health-conscious wines under the Wonderful Wine Co umbrella. Pacific Mercantile Bank’s expertise in the food and beverage space helped them quickly understand our business model and develop a customized credit facility that will enable us to continue investing in our business, adding subscribers, and taking market share in the future.”

“Winc has effectively used technology and a commitment to innovation to build a highly differentiated niche and become one of the top 50 wineries in the United States,” said Jeremy Schmidt, Vice President and Senior Relationship Manager at Pacific Mercantile Bank. “We look forward to working with the company as more consumers discover its unique selection of wines and supporting its continued growth in the years ahead.”

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