Lot18 is a flash sale site for wine. The site helps match up discerning buyers with reputable producers who are looking to market small batches of product at uniquely low prices.
Lot18 co founders Philip James and Kevin Fortuna have a lot of reason to celebrate at the moment after recently closing $10million in Series B funding. Lot18 raised $3million in Series A funding back in November.
The New York based startup only launched on November 10th, 2010, but March saw the company hit their first million-dollar month with month on month revenue set to continue rapidly growing.
"The revenue numbers blew past expectations from the day we launched. November was a half month and we did $80,000 in sales. Based on the February numbers we saw, we knew March would be a million-dollar month, and April was way bigger than that."
Lot18 started with 6 employees including Philip and Kevin. Now the company has 44 employees and is looking to hire around 30 more in the coming months. They are also looking at moving into a new bigger office to accommodate this large growth.
With this large growth Kevin expects Lot18 to be profitable by this time next year. With the company adding over 50,000 new users every month and exceeding forecasted growth, profitability could come even quicker.