A fast-growing Cincinnati-based boxed wine brand founded by a former Procter & Gamble employee is looking to raise fresh capital as it also looks to make its first entry into retail.
Really Good Boxed Wine, a premium, direct-to-consumer wine brand launched last year by Jake Whitman, a former brand manager at P&G, is in the midst of a seed funding round — partly using crowdfunding efforts — as it looks to accelerate growth.
Separately, Really Good Boxed Wine could soon be available at your favorite local restaurant, brewery or bar as part of a recently inked distribution agreement.
Both are significant efforts as Really Good Boxed Wine moves “full force ahead,” Whitman told me. The latter specifically aims to raise its profile in Cincinnati.
“We’ve seen amazing traction,” Whitman said. “We had raised some money about a year ago and stretched that really far. We have a solid foundation — we’ve built a great jumping off point — now it’s time to start investing in growth.”
Details on the fundraise are few. Federal regulations do restrict publicity, and Whitman declined to disclose terms or the goal amount.
He did say the plan is to use the money for salaries — currently, he’s the only employee, but the raise will allow Really Good Boxed Wine to add a full-time COO. Last week, the company officially appointed hospitality and beverage executive Amy Troutmiller to that post.
Really Good Boxed Wine also plans to upgrade its paid marketing and media efforts, update e-commerce site and increase production.
As part of its raise, Really Good Boxed Wine has opened a crowdfunding campaign on SeedInvest, although Whitman said it won’t account for the entire amount. He’s hoping to continue to attract angel investors to bolster the round.
“I’ve always loved the idea of getting the community more involved in the business — this gives everybody who has followed this from the beginning a way to do that,” he said.
In terms of a retail presence, he expects Really Good Boxed Wine to be available at select locations in Cincinnati in the next month or two.
Really Good Boxed Wine has signed Oakley-based Cutting Edge Selections as its distributor. Whitman said he’s having conversations across the board in terms of placement — from smaller wine shops to large alcohol retailers.
Really Good Boxed Wine pushes the boundaries in terms of quality typical found in boxed wine. The company’s packaging costs less and keeps wine fresh up to six weeks after opening, meaning it can source a better product and sell it for less than it would cost in a bottle. For restaurants, in particular, Really Good Boxed Wine is a more convenient and less expensive option that also allows for less waste.
“We’re a great option for a house pour,” he said. “A lot of times bars and restaurants, their by-the-glass wines, they end up throwing away a third of a bottle after a few days.”
To date, Whitman said the company has sold the equivalent of 10,000 bottles of wine to customers in 35 states. The company ran two successful pilots in 2021, before launching nationwide in January this year.
So far, Really Good Boxed has launched three varieties, including a cabernet sauvignon and sauvignon blanc, with a 2020 pinot noir from the San Luis Obispo coast in California coming soon.
