InVintory Founders Jeff and Josh Daiter Merge Technology and Wine
Today, it is estimated that the global wine market is worth over $350 billion. Seeing an opportunity to make a unique impact in the massive sector, father and son duo Jeff and Josh Daiter created InVintory as a tool for collectors to track and find bottles in their own cellars. The digital platform (which offers two products, Aspire and Prestige), allows users to do everything from scanning labels of interest to more advanced features, like creating a 3D cellar replica or viewing advanced collection analytics on valuation, activity, and more. Since launching in 2018, their mission has evolved into a broader one that acknowledges the growing culture and interest of the wine enthusiast. With users in 140 countries, over two million bottles under management, and a roster of celebrity investors new to the team, their toasting to an exciting future ahead.
What is InVintory?
InVintory: InVintory is a digital wine platform for enthusiasts to collect wine and experiences. To date, we’ve built a collection management app, fueled by patent-pending 3D tech, that helps collectors track and find bottles, get real time data like market values, and journal their memories. We’ll soon be releasing an exciting new social feature that will allow the community of wine enthusiasts and wine businesses alike to connect, bringing the whole world of wine together in a way that has never before been done.
What problems are you solving with InVintory?
InVintory: Initially, we solved the problem of managing a wine collection. We did this with our patent-pending 3D tech, with which collectors can create custom, digital cellar sections and fridges, assign bottles to specific slots, and then find them before dinner at the touch of a button. Next, we’re solving the broader challenges faced by the wider segment of wine enthusiasts—the desire to share wine experiences. Ultimately, wine is more enjoyable when shared with others. We want to bring this truism to life in the digital space.
What were the challenges of building the platform?
InVintory: The main challenge of building the collecting platform was developing our proprietary technology. A second challenge was ensuring that the design and UI is simple enough to make the user experience seamless. People want to enjoy their wines, not manage them, so we had to design the app to take the work out of collecting.
What are some of the unique features that are offered on InVintory that are different from other platforms available?
InVintory: Currently, our main differentiator is our proprietary 3D technology, VinLocatetm which allows users to create custom, 3D versions of their cellars and fridges. This is part of our in-app Prestige subscription, which also features market values and real-time cellar analytics.
The community we’re building will also distinguish us, as we’ll be bringing together not only wine lovers but also wine businesses, such as wineries, wine clubs, and wine shops. Our ethos is that anyone who shares our love and understanding of wine as not only a drink but a lifestyle and a conduit of culture and history, is welcome in our community, as this is the ethos we feel most authentically captures what makes wine so special.
Can users find benefit in using the platform if they don’t own a cellar?
InVintory: Absolutely! We’re all about collecting experiences, not just collecting bottles. Currently, anyone can use InVintory to see wine information, record their experiences, share community reviews, and capture memories. Soon they’ll be able to share those experiences and connect with others as well—something for which they don’t need to own a single bottle.
How does technology and innovation play a role in the InVintory?
InVintory: Innovation is at the core of what we do, yet in a sense, we are innovating through tradition. Wine has become somewhat commercialized over the past 40 years, and we really want to get people back to that authentic ethos described above. This is why we’re rethinking how to get people to share and discuss wine, rather than having them individually just rely on numerical ratings to decide what they like. Why affix an objective measure to a subjective experience?
Technology is obviously also central, as we’ve leveraged novel tech to alleviate common stressors in wine collecting. We’re now turning our tech talent towards the challenge of helping wine lovers and businesses connect, so stay tuned for what evolves!
What have been some of your biggest milestones since launching?
InVintory: Last year, we launched Prestige, our paid subscription, which was a big milestone as it marked the release of our patent-pending technology to the market. We’re also currently in the midst of our first fundraise and have been pleased to have some notable collectors—NBA players JJ Redick and Josh Hart—invest.
You’ve onboarded a few notable investors. Aside from financial investment, what support do you look for from these types of investors?
InVintory: JJ and Josh are both big wine collectors who found InVintory organically and were using it to manage their own cellars before we started this raise. They’re excited to work with us not only as investors but as ambassadors. For example, we hosted an amazing Wine Cellar Chat—a small group roundtable—with them in June, where we spoke about all things wine. It was a ton of fun, so we’ll hope to do more in the future.
What shifts are you noticing (if any) in consumer interest towards collecting wine?
InVintory: Three trends. First, more young people are developing an interest in wine. Keeping with Gen Y and Z’s interest in experiences, they seem to really prioritize the social engagement wine can offer, which fits exactly with what we’re trying to build.
Second, people are buying better wine. More and more people are discovering that ethos described above, and getting excited about the history, people, and places behind wine, rather than just buying “red wine” at the corner store. They’re willing to spend more as a result, as they recognize each bottle is unique and represents more than its liquid contents.
Third, there are more and more notable wine lovers, especially pro athletes and celebrities (Brad Pitt, Pink, Jon Bon Jovi, etc.) Many are involved in making wine, but also very passionate about collecting and learning about it, which has broadened wine’s appeal.
What is the best advice you have for someone that is looking to start a wine collection?
InVintory: Start by figuring out what you like, because if you’re going to tuck bottles away for five, 10, 20 years, you want to make sure you’ll enjoy it! Ultimately, don’t rely on price, rely on your own palate as everyone has different tastes. There are a range of styles out there. Maybe you like big Napa Cabs, or maybe you prefer ethereal Burgundian Pinot Noirs, or Champagne. Whatever it is, start by tasting a lot of different things and narrowing in on your preferences. Your palate may change over time, so don’t buy too much of any one thing.
What advice do you have for those who are established wine collectors?
InVintory: Keep exploring the world of wine. Many of us settle into our favourite regions and producers, drinking primarily Brunello or Riesling. But the world of wine is vast and constantly evolving, so stay open to trying new things, especially from new regions which may not currently feature in your collection.
What is your most treasured bottle of wine?
Josh: 2017 Chateau Leoville Las Cases Saint-Julien Grand Cru Classe. Cellaring for quite a while!
Jeff: My most treasured bottle is a 2017 DRC Echezeaux Grand Cru that I bought a few years ago. I have heard so much about this wine that I made the big purchase. However, I am waiting for a number of years to let it mature properly and hopefully it will live up to its great reputation.
What is the most memorable bottle of wine you’ve ever had?
Josh: My most memorable bottle is definitely a Cakebread 2007. I had it at Jeff’s birthday dinner and I remember it tasted like silk!
Jeff: Recently, I was meeting some investors and one of them had a bottle of 2006 Chateau Pavie that he had poured and left to decant for a few hours. We were in a wine lounge and so that ambience was sophisticated and steeped in tradition. It was a perfect match for this wine as the first few drops crossed my palate. Paired with a successful meeting, that wine was silky smooth and quickly rose as my most memorable wine tasting experience.
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