Richmond alternative investment company Vint has launched an online marketplace that sells high-end wines and spirits.
Co-founder and CEO Nick King said Vint COO Adam Lapierre is the visionary behind the marketplace. The company started in 2021 as a way for private investors to enter the wine and spirits market with small investments. In the process, Vint acquired millions of dollars’ worth of high-end products by pooling investor money. The investors then receive returns when the wine or spirit sold at a premium. But the company wanted to figure out the best way to sell the investment products.
Vint could’ve continued listing the products on other marketplaces, but research showed that the company would garner more money selling direct to consumers in the U.S., King said.
“The plan was always to get vertical, because that is where we think we can generate the highest return,” King said. “As opposed to exiting through other merchants or exchanges, we created the Vint Marketplace as a wholly owned avenue for us to exit.”
Vint opened its online marketplace in May. The company has $10 million worth of its own products listed and a total of $40 million on the marketplace, with several other companies using the marketplace.
King said the project has already been a success. Sales have doubled each month and he expects that trend will continue. The company has carved out a unique niche in the high-end wine and spirits market. He said other online marketplaces exist, but the exclusive nature of the Vint Marketplace is different. The site currently lists a $162,000 bottle of whiskey and a $101,000 bottle of wine.
“A lot of other high-end marketplaces ultimately move down the universe of wine and spirits into what I would call premium wines and spirits,” King said. “We are exclusively the 1% or even top 0.1% of wines and spirits. We think it is important to maintain this premium luxury brand. We are really focused on the high end.”
Most of the wines and spirits are stored overseas, and Vint works with importers after something is sold. The products are either shipped directly to the consumer or to a place where the buyer can store the bottles.
King said the marketplace could become the top destination for buyers of high-end wines and spirits in the next 12 to 24 months. He believes Vint Marketplace is creating a more open and transparent way to purchase premium liquor.
As well, King said the marketplace is helping to grow the investment side of the business. Vint has already created returns for investors, and many have placed money back into other Vint-invested products. The “flywheel” effect is creating a positive trajectory for the company, King said. He said the investment category of wine and spirits has grown in recent years as people look for ways to diversify their portfolios.
To improve the company’s reputation in the industry, Vint is also growing a podcast. “Vint Podcast” originally focused on news about the company but has grown into an informative source of information about the industry. It has nearly 90 episodes and has featured some leading names in the industry as guests.
“We believe that people consume content in different manners whether it is audio or text based,” King said. “We want to have quality content for everybody.”
