That decline is larger than the multichannel retailer’s overall 5.8% sales decline.
L18, which operates a members-only wine and food site, has raised $13 million since 2010.
L18 Holdings Inc., which operates a members-only site that matches up producers with consumers who want to buy wine and gourmet food, has received a nearly $1 million investment from the founders of Diapers.com. In total, L18 has raised $13 million since its founding in 2010.
The latest investment came from Marc Lore and Vinit Bharara, who founded Diapers.com parent Quidsi Inc. Diapers.com is No. 72 in the Internet Retailer Top 500 Guide. Amazon.com Inc., No. 1 in the Top 500 Guide, in April completed its $500 million acquisition of Quidsi, which also operates Wag.com and Soap.com.
Operational for nine months, Lot18.com has 400,000 members and 80 employees. The new funding will enable the e-retailer to expand its sales of wine and to expand into related products.
“Lot18 has a unique offering, an attractive user experience, broad appeal and excellent growth potential,” says Lore. “The American wine market is worth billions, but online sales currently account for only a small percentage of the total. Vinit and I are excited to be a part of a company that realizes this through providing an engaging customer experience.”