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.
Author: Arlene Weintraub
Arlene is an award-winning journalist specializing in life sciences and technology. She was previously a senior health writer based out of the New York City headquarters of BusinessWeek, where she wrote hundreds of articles that explored both the science and business of health. Her freelance pieces have been published in USA Today, US News & World Report, Technology Review, and other media outlets. Arlene has won awards from the New York Press Club, the Association of Health Care Journalists, the Foundation for Biomedical Research, and the American Society of Business Publication Editors. Her book about the anti-aging industry, Selling the Fountain of Youth, was published by Basic Books in September 2010.
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