Lot18 Raises $10 Million for Online Wine Sales

Arlene Weintraub5/2/11

New York startup Lot18—which sells wine in limited-time “flash sales”— is only six months old, but it has already raised a Series B round of funding, according to Business Insider. The company raised $10 million from investors including NEA Ventures and FirstMark Capital. Lot18 is attracting 50,000 users a month and brought in sales of more than $1 million in April, cofounder Kevin Fortuna told BI. The company plans to use the money to hire 35 people and move to a bigger office.