Former First National Bank CEO Michael Jordaan has announced an investment in local online wine retailer Port2Port.<\/p>\n
Jordaan has invested an undisclosed amount in the startup. He tweeted the announcement through Montegray Capital, which is his startup investment vehicle.<\/p>\n
Meanwhile, Jordaan is also expected to take a directorship at Port2Port.<\/p>\n
\u201cMr Jordaan\u2019s involvement is not limited to the financial but will more importantly include a mentorship role as a director of the company,\u201d Nicol\u00f2 Stortiglione Pudel, spokesperson for Port2Port, told Fin24.<\/p>\n
Port2Port sells premium wines with its best sellers at over R200 per bottle.<\/p>\n
\u201cHaving only launched nine months ago, it is thanks to an elaborate focus on offering a highly curated product catalogue and high-end digital platform that we\u2019ve had great feedback from the industry and have already managed to attract a very loyal customer base. (Especially proud of our 45% returning customer rate),\u201d Pudel said.<\/p>\n
The company will use Jordaan\u2019s cash to improve warehousing and logistics as well expand its range, said Pudel.<\/p>\n
\u201cAdditionally the funding will be instrumental in developing our ever-evolving digital platform, which we are constantly curating to include more custom products, from Iranian Caviar and Champagne to Fine and Ultra Fine Spirits, Glassware and a number of other product ranges we are pursuing. Equally important will be the investment in greater marketing efforts and exposure.\u201d<\/p>\n
Jordaan is a wine lover and retired to Stellenbosch following his tenure at FNB.<\/p>\n
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