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Vault Wines

Fight fake products across food and beverage industry.

Georgia
Market: Logistics and warehouses, Food industry, Another, Blockchain
Stage of the project: Prototype or product is ready

Date of last change: 20.02.2020
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Idea

Vault is a combination of technology and retail business, wine being one first vertical. On one side, we provide a software solution for wineries for supply-chain authentication and winery asset management and on the other provide distribution medium for wineries to sell authenticated products through our infrastructure.

Foundation of our technology solution is a transactional ledger-based system that divides wine production and automates data intake from each step of the way.

Current Status

Vault Wines project was conceived in August of 2018. Since the fall of 2018, Vault Wines joined IE Business School Venture Lab Accelerator for idea validation, coaching and foreign exposure. During the first 6 months' period, Vault Wines team did research on the key issues in global wine trade and its current distribution methods, spoke with multiple distributors of Chelti Winery and KTW Group to better understand logistical side of winery sales operations, conducted surveys to understand the initial customer segment and premium wine price points.

Vault Wines put initial emphasis on solving the global wine fraud epidemic, disrupting the traditional wine distribution methods that lead to ⅔ wine value loss in distribution chain and creating a first truly premium wine brand that can create a focal company that coordinates entire wine value chain with a collective strategy that addresses both cooperation aspects and coordination aspects.

Vault Wines business model and team building have been finalized in March 2019. The project has been selected as the finalist of IE Business School's globally acclaimed Venture day startup competition and at IE Business School Graduation day has been named as 1 of 8 most innovative Venture Lab start-ups of the past year.

Moreover, Vault Wines Project has won CVVC Incubator Competition in October 2019 and recently graduated from CVVC Labs 10-week acceleration program and pitched the project during World Economic Forum in Davos with Georgian Prime Minister in attendance.

CVVC (Crypto Valley Venture Capital) is highly prestigious, next generation Venture Investment company based in Zug, Switzerland. Vault Wines won the second Batch II intake competition with the success rate at 1.7 %. 10 startups were selected and have relocated to Zug for the ten-week program. Each start will receive $125k in funding, work with more than 70 experienced mentors/experts for 10 weeks and pitch in Davos during one of the most prestigious events of the year: the World Economic Forum.

Vault Wines has proof on concept ready based on AWS Quantum Ledger technology coupled with ERC-721 for each bottle.

Market

Vault Wine’s target customer segment represents high-end individuals, venues, hotels, casinos, restaurants, bars, clubs, etc. Vault Wine targets luxury customer segment who are willing to pay premium prices for quality wine. Vault Wine’s customers aren’t concentrated in one country or in one geographical area. During the start-up phase,  Vault Wine’s key markets represent Germany, France, Spain, Russia and China.

Problem or Opportunity

The number one problem we are trying to tackle is FAKE WINE. In 300 Billion Dollar Wine industry 1 in every 5 bottles sold worldwide is falsified. In fact, more Bordeaux wine is sold in China alone than Bordeaux entire annual production. I have personally encountered “fake” Georgian wine under my company brand name in a number of countries, especially in Russia and China. No economical or practical way of authenticating wine creates industry wide problem and shows a clear market need for traceable products. EY Italy statistics show that 89% of customers are willing to pay a price premium to ensure product traceability. Therefore, Reality is that Need for traceability is not a luxury, it is a necessity!

Solution (product or service)

Solution

Vault Software: Blockchain-based system that authenticates the entire wine supply chain and serves as a main competitive advantage provider for this entire project. The software helps manage wine production, collects valuable statistical data, provides accounting tools and integrates e-commerce sales in analytics.

Vault Software will create a ledger which reduces any type of data to a transaction where each entity with their own private key and address and predetermined permissions passes information via transaction from ground up, such decentralized data collection method together with GS1 standard compatibility and unfakeable hologram is a guarantee to prevent fraud.

The software also includes Feature Modules that will help wineries with production management. Having a tool that will ease all these processes and decrease human error to a minimum will help companies greatly and increase increased efficiency.

To make it more clear, We are a tech company creating software for supply chain authentication for factories. Since two of our founders are owners of two of the biggest and most premium wineries of Georgia, it makes perfect sense to start and test our software on ourselves first, offer a MVP of our authenticated products first then scale the software across other wineries globally and ultimately apply our software to other products in the food and beverage industry.

Competitors

Acatena, Tattoo Wines Asia.

Advantages or differentiators

The main difference between us and any other supply chain start-up is the fact that we do not only provide a technology solution that adds value to the wines but also helps sell these value proposition directly to the customers without intermediaries at much higher gross profit.

Vault Wine uses integration of software and retail business as a competitive advantage and avoids direct competition with other players. Vault Wine serves as an industry wide solution that offers customers simplicity, authenticity and convenience. Indirect competitors and substitutes include brick and mortar stores, supermarkets, specialty stores, and alcohol e-commerce platforms.

Business model

Vault Wines main sources of income are following: Vault Wines will charge fixed commission and monthly maintenance fee for Vault Supply Management System. Vault Wine Store will launch with pilot Vault Wine Reserve line and update assortment with partner winery offerings Vault Wine Store will charge a 10% transaction fee on the sales amount charge.

Money will be spent on

Software Development: 350K
Website and App Development: 100K
Marketing: 300K
Operational Costs: 250K

Team or Management

Incubation/Acceleration programs accomplishment

Innovative Project of the year IE Business School Venture Lab Competition.

Vault Wines Project has won CVVC Incubator Competition in October 2018 and joined CVVC Labs on 10 week acceleration program and pitch the project during World Economic Forum in Davos with Georgian Prime Minister in attendance.

CVVC (Crypto Valley Venture Capital) is highly prestigious, next generation Venture Investment company based in Zug, Switzerland. Vault Wines won the second Batch II intake competition with the success rate at 1.7 %. 10 startups were selected and have relocated to Zug for the ten-week program. Each start will receive $125k in funding, work with more than 70 experienced mentors/experts for 10 weeks and pitch in Davos during one of the most prestigious events of the year: the World Economic Forum.

Won the competition and other awards

Winner of CVVC Incubator competitoin at 1.7% success rate.

Photos

Photo 1 - Fight fake products  across food and beverage industry.
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Idea
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Solution (product or service)
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Advantages or differentiators
Finance
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Business model
Money will be spent on
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Team or Management
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Incubation/Acceleration programs accomplishment
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