Lot18, a flash wine and gourmet food sales site, is on track to generate $25 million gross revenue this year, a source close to the company tells us.
Considering the New York startup is only 11 months old, that’s impressive.
Our source tells us the company is generating more than $2 million per month, up from $1 million per month in May when it raised a $10 million Series B round of financing.
Philip James and Kevin Fortuna cofounded the startup last November and launched with $3 million in funding. The founders expect the company will be profitable by year end.
It’s growing like a weed too. When we took a tour of Lot18’s office this summer, there were more than 65 employees. Lot18 currently has half a million registered users.
To understand how Fortuna and James have scaled so quickly, click here.