Crurated, a London-based wine community that connects enthusiasts with world-class producers, announced today that it has secured €3 million in funding.
The funds will be utilized to improve the company’s existing platform by using blockchain and NFT technologies. Crurated’s founder, Alfonso de Gaetano, will also focus on expanding in the Italian market, particularly in Tuscany and Piemonte, as well as in France’s Côte du Rhône area.
Dip WSET, Chris Van Aeken, a well-known wine expert, as well as successful entrepreneurs and other private wine collectors, are among the investors.
Crurated was founded in the spring of 2021 and has a staff of 25 people working on it. In just over a year, the number of members has swelled to over 500 wine collectors and oenophiles. Crurated made almost €5 million in sales in its first year of existence.
“We are the first wine marketplace in the world to use blockchain technology where it matters, certifying at scale every single bottle that comes directly from producers into our warehouse in Burgundy,” said Alfonso. “We offer clients full traceability from the moment it leaves the Producers’ cellar to the moment it arrives at their own. We’ve built an infrastructure that connects the Crurated marketplace to the warehouse management system and our blockchain infrastructure.”
For every bottle of wine that enters Crurated’s warehouse, an NFT is created. The NFT includes extensive information on ownership history, vintage, vineyard location, varietal, and other important characteristics. The NFTs may be accessed by tapping an NFC or RFID-enabled phone. When the wine is resold and the token is transferred from one client to another, the bottle history is likewise updated via a new blockchain recording.
In March 2022, Crurated launched the All Heart Auction to support relief efforts in Ukraine. The auction raised $134K, with all revenues benefiting UNHCR.