Bridge Bank has provided Club W, Inc. with a $12 million revolving credit facility. Club W is the market leading, direct-to-consumer wine company where customers get personalized recommendations based on their palate and shop a new selection each month, with prices starting at $13 per bottle. The company is venture-backed by Bessemer Venture Partners, Shining Capital Holdings and Crosscut Venture Partners.
"Club W is collapsing the supply chain on an antiquated delivery system and bringing unique, proprietary wine to enthusiast's doorsteps at a great value," said Mark Breneman, senior vice president in Bridge Bank's Southern California Technology Finance group. "We're very pleased to be working with the Club W team and look forward to continuing to support their growth," he added.
"We view this additional financing as a vote of confidence for our business strategy as we continue to grow and expand," said Xander Oxman, founder and CEO for Club W. "Success requires teamwork and we're delighted to have business partners like Bridge Bank. Their Southern California team really took the time to understand our model and delivered a customized financial solution," he added.
Bridge Bank operates an office located in Costa Mesa through which it offers its Technology, Corporate Banking and Capital Finance business lines, along with small business lending through the SBA's 7(a) and 504 loan programs.
Bridge Bank is a division of Western Alliance Ban and was founded in 2001 in Silicon Valley to offer a better way to bank for small-market and middle-market businesses from across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank offers a broad scope of financial solutions including growth capital, equipment and working capital credit facilities, sustainable energy project finance, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services.