Yao Family Wines released its first winesÂ in 2011, has received some good reviews, including fromÂ Robert Parker, and now seeks USD3 millionÂ in further investment to expand theÂ business via a crowd-funding campaign that beganÂ on March 2 and is nearing its deadline of May 31.
From anÂ article in The Wall Street JournalÂ in March (my highlights).
Yao Family Wines plans to raise $3 million via Crowdfunder, a website for entrepreneurs to get funding from fans. The proceeds will be used to build a visitor center in Napa Valley and a tasting room in Shanghai, Mr. Yaoâ€™s hometown…
With Beijingâ€™s anti-corruption campaign sapping demand for expensive wines, Yao Family Wines, the biggest seller of high-end Californian wine in China by value, is shifting its focus from Chinese banquet tables to U.S. steak houses. Now 15% of the wineryâ€™s revenues come from the U.S., compared to almost zero at the beginning in late 2011. The company said it has managed to grow its sales in a tough environment, without giving more details.
The minimum investment is USD5,000 and the campaign is only open to U.S. citizens.Â The benefits, besides theÂ planned repayment of the investment and a share in future profits and a potential IPO, include an invitationÂ to the annualÂ shareholder party in Napa Valley as well as bottles of Yao Family Wines.
Not surprisingly, more money means more benefits. For example, USD50,000Â gets a lifetime one-third discount on Yao wines, while USD500,000 includes two business class tickets, plus a suite, to attend theÂ 2015 Auction Napa ValleyÂ in June with Tom Hinde , president and director of wine-making for the project.
You can keep up withÂ the Crowdfunder campaign here.
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