Latitude Beverage Company, a Boston-based company that has produced the wine brand 90+ Cellars, has just closed a third round of equity and received a line of credit from Citizens Bank. Boston favorite Harpoon is also one of the major investors in this recent raise.
Founded in 2009, President Kevin Mehra, looked to build a brand that could provide top wines at affordable prices for everyday consumers. But it comes with one little catch: you will never know what winery it originated from. Latitude Beverage follows a negociant business model, where the company buys refined wine with a rating of 90 or above from accredited wine publications such as Wine Spectator and then bottles them under the 90+ Cellars brand with just the type of wine listed. They categorize wine with “Lot” numbers so if a type of wine sells out, 90+ Cellars can look to see if that particular winery has another vintage available for purchase, provided it’s rating meets the company’s standards.
The fast growing wine company has sold close to 100,000 cases to date and looking to expand nationally. Kevin Mehra, the Founder and President of Latitude Beverage had this to say about the raise.
“We are fortunate to have a loyal team of investors, and honored that successful, local business people believe in our company…the capital is going to be used to take advantage of the marketplace and purchase more great wine for our customers.”
Customers can currently find 90+ Cellars wine in 13 states including Massachusetts.
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