Ex-FNB boss invests in wine startup

Wine.
Wine.
Mzansi Style Cuisine

Cape Town – Former First National Bank CEO Michael Jordaan has announced an investment in local online wine retailer Port2Port.

Jordaan has invested an undisclosed amount in the startup. He tweeted the announcement through Montegray Capital, which is his startup investment vehicle.

Meanwhile, Jordaan is also expected to take a directorship at Port2Port.

“Mr Jordaan’s involvement is not limited to the financial but will more importantly include a mentorship role as a director of the company,” Nicolò Stortiglione Pudel, spokesperson for Port2Port, told Fin24.

Port2Port sells premium wines with its best sellers at over R200 per bottle.

“Having 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’ve 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),” Pudel said.

The company will use Jordaan’s cash to improve warehousing and logistics as well expand its range, said Pudel.

“Additionally 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.”

Jordaan is a wine lover and retired to Stellenbosch following his tenure at FNB.

- Follow Duncan on Twitter

ZAR/USD
16.88
(-0.34)
ZAR/GBP
21.28
(-0.38)
ZAR/EUR
19.05
(-0.34)
ZAR/AUD
11.72
(-0.17)
ZAR/JPY
0.16
(-0.73)
Gold
1807.12
(+0.20)
Silver
18.69
(+0.16)
Platinum
833.00
(-0.02)
Brent Crude
42.31
(-2.17)
Palladium
1927.00
(-0.92)
All Share
55603.68
(-0.33)
Top 40
51347.05
(-0.37)
Financial 15
10366.56
(+0.26)
Industrial 25
76700.44
(-0.94)
Resource 10
52707.77
(+0.23)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 1910 votes
I am taking a hit, but should be able to recover in the next year
23% - 2516 votes
My finances have been devastated
35% - 3742 votes
It's still too early to know what the full effect will be
25% - 2674 votes
Vote