PRESS RELEASE
Crushpad Completes $3.5 Million Financing Round
Winery poised to aggressively expand in 2007
SAN FRANCISCO, Feb. 7 /PRNewswire/ -- Crushpad, the consumer-powered
winery, today announced that the company has finalized $3.5 million in
equity and debt financing. This financing enables Crushpad to double its
production in 2007 to over 25,000 cases, dramatically expand its social
networking site (
http://www.crushnet.com) and set the stage for national
expansion into new urban locations.
Crushpad (
http://www.crushpadwine.com) is a leader in the new wave of
"social production" companies where consumers define and create the end
product. Crushpad clients define the wine style, participate as much or as
little as they want and end up with barrel-size lots of luxury-class wine
made to their specification. Building on the concept of "user generated
content" popularized by sites such as YouTube, MySpace and Flickr, Crushpad
puts wine enthusiasts from across the world at the center of this new
model.
Michael Brill, Crushpad president, commented, "Over the past three
years we've had the privilege of working with thousands of people to pursue
their dream of making wine. This financing will allow us to fulfill that
dream for many more as we begin entering new markets."
Equity financing of $2.7 million was provided by a combination of
professional investors and satisfied Crushpad clients and was augmented by
a credit facility provided by City National Bank. Profitable since its
inception, Crushpad is well-poised to lead the shift in the $6 billion
high- end wine industry from a producer-centric to a consumer-centric
model.
About Crushpad
Crushpad is a San Francisco-based custom winemaking facility whose
customers include wine enthusiasts, professional winemakers, wine retailers
and restaurateurs. Crushpad specializes in small-lot, luxury wine
production from California's most notable vineyards. The company was
founded in 2004 by wine industry veterans and technology industry refugees
determined to liberate winemaking from its traditional stereotypes of
impossible wealth, expansive chateaus and golden retrievers. For more
information call 415-864-4232 or visit
http://www.crushpadwine.com.