Alternative financing in support of the wine industry
In a wine sector facing crisis, alternative financing solutions, alongside more traditional forms of funding, are helping to support wine businesses by bringing together passionate investors.
Maxime Debure, founder of the WineFunding platform in 2016, looks back at the specific features of these models and shares his vision for the future of winegrowing.
Interview conducted by Matthieu Gombault, Head of Wine & Forest Expertise at Société Générale Private Banking.
What types of wine projects do you finance?
Maxime Debure: Alternative financing can take many forms in the wine sector. Crowdfunding, which is open to everyone, supports a wide variety of small projects, with an average investment per participant ranging from €50 to €500.
In addition, WineFunding offers club deal financing, which brings together a small group of investors (three to five) who take an equity stake in a wine estate for a limited, predefined period—typically five to eight years—with individual investments ranging from €50,000 to €1,000,000.
Over the past ten years, we have reviewed more than 1,500 projects from all French wine regions, as well as from other countries. We have selected 65 estates, mainly in France but also in Italy, Portugal, Spain, and South Africa, which have been able to grow thanks to the support of our investor community.In total, we have raised around €30 million. The average individual investment ranges from a few hundred or a few thousand euros for crowdfunding projects to €500,000 for club deals.
How do you select the projects you support?
M.D: We always assess projects from two angles. First, from a business perspective: we examine the company’s fundamentals and potential (terroir, appellation, production, sales and distribution, etc.). We also analyse them from a purely oenological standpoint to determine whether the wine’s profile is well positioned in today’s market. Since the creation of WineFunding, we have relied on a committee of recognized experts (sommeliers, oenologists…) to evaluate the qualitative potential of these projects.
Next, we assess the estate’s financial valuation. In a sector where emotions can play a major role, whether on the investor side (to be determined to acquire a prestigious estate) or on the owner’s side (overvaluation of one’s estate), our advisory role is essential to ensure that investments are made at the right price.
What makes alternative financing in the wine world distinctive?
M.D: Undeniably, it is the human dimension of these collective projects. Investors may be experienced connoisseurs or simply curious enthusiasts, but they generally come from outside the wine industry. Beyond providing capital, they often contribute ideas and valuable experience thanks to their external perspective.
Moreover, many of them are entrepreneurs who, after selling their business or stepping back from it, are happy to get involved and offer advice to a new entrepreneurial venture. In all cases, we consistently observe genuine goodwill and understanding, which brings a great deal of peace of mind to the winemakers we support.
Are there other forms of alternative financing to support the wine sector?
To finance specific needs such as equipment, we have developed innovative solutions, including loans with interest repaid over several years in bottles of wine, or loans repaid in kind, in the form of bottles of wine or overnight stays at the estate. These smaller-scale financing options offer another way to take part in a collective wine-growing venture.
How is your activity evolving in a wine market in crisis?
The crisis affecting the sector is neither cyclical nor temporary; it reflects a profound change in consumption habits. In a market that is expected to shrink in traditional wine-producing regions, those who will succeed are best positioned in terms of wine profile, pricing, distribution, and customer experience.
At the same time, the crisis has led to a significant drop in prices, encouraging potential buyers to take renewed interest in prestigious estates now valued at half the price they commanded two or three years ago. This context, combined with new opportunities emerging in markets such as Brazil or India, compels us to be increasingly rigorous in our advice and analysis as we identify the wine producers of tomorrow.
Maxime Debure
Agricultural engineer and oenologist, Maxime Debure worked first as an oenologist and later as a director of wine trading companies and wine estates. He has worked in France as well as in Australia, California, South Africa, and Chile.
After completing an MBA at INSEAD, he moved into strategy consulting, where he advised executive management teams and investment funds for eight years.
In 2014, he founded WineFunding, a crowdfunding platform dedicated to the wine industry.
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