Total amount raised
$23 Million
Latest funding date
5/1/2018
Location
Plum has successfully raised funding through three rounds, attracting investors such as Chuhan Wang and Las Olas Venture Capital. The company offers a sophisticated appliance that identifies, chills, and serves wine at the perfect temperature, ensuring a premium wine-drinking experience.
Keep reading to explore the intricacies of Plum's fundraising journey and the investors backing this innovative platform.
What Is Plum?
Plum, based in Dania, Florida, operates in the consumer electronics, home and garden, hotel, and wine and spirits industries. The company specializes in a wine preservation appliance that automatically identifies, chills, and serves wine at the perfect temperature, ensuring a premium experience.
With an employee count ranging from 11 to 50, Plum has successfully raised funding through multiple rounds, including a Series B round. The company is backed by investors such as Chuhan Wang and Las Olas Venture Capital.
How Much Funding Has Plum Raised?
- Seed Round
- Amount Raised: USD 3,999,991
- Date: June 2015
- Lead Investors: Khosla Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial development and launch of Plum's wine preservation appliance.
- Series A
- Amount Raised: USD 9,000,000
- Date: July 2017
- Lead Investors: Khosla Ventures, Las Olas Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial vision and launch of Plum's in-home wine by the glass experience.
- Series B
- Amount Raised: USD 10,000,000
- Date: May 2018
- Lead Investors: Las Olas Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel the expansion of the "Plum for Hotels" program, allowing the company to roll out its innovative in-room wine service to more hotels across the U.S. and enhance guest personalization and convenience.
Total Amount Raised: USD 22,999,991. Current Valuation: Not publicly disclosed.
Key Investors
- Las Olas Venture Capital
- Details: Las Olas Venture Capital is an early-stage venture capital firm based in Fort Lauderdale, Florida. They focus on investing in startups across various industries, particularly those solving complex business problems.
- Investment Focus Areas: B2B technology, early-stage startups, complex coordination business problems.
- Notable Investments: Not publicly disclosed.
- Khosla Ventures
- Details: Khosla Ventures is a venture capital firm known for investing in early-stage companies across various sectors. They have a strong focus on technology and healthcare.
- Investment Focus Areas: Technology, healthcare, early-stage companies.
- Notable Investments: Not publicly disclosed.
- Chuhan Wang
- Details: Chuhan Wang is an investor who has shown interest in innovative consumer electronics and home appliances. His investment in Plum highlights his focus on cutting-edge technology in everyday products.
- Investment Focus Areas: Consumer electronics, home appliances, innovative technology.
- Notable Investments: Not publicly disclosed.
What's Next for Plum?
Plum's future looks promising as it continues to expand its "Plum for Hotels" program, aiming to roll out in over 50 hotels by the end of 2018. This expansion taps into the growing demand for personalized and on-demand luxury experiences in the hospitality industry, presenting a significant growth opportunity.
With the recent $10 million Series B funding, Plum is well-positioned for future fundraising rounds to support its ambitious growth plans. The backing from investors like Las Olas Venture Capital and Khosla Ventures indicates strong confidence in Plum's potential.
However, Plum may face challenges such as competition from other luxury in-room services and maintaining consistent quality as it scales. Navigating the regulatory environment related to alcohol distribution will also be crucial for sustained success.
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