Evaluating only Evino’s profile at its peak — without knowing the outcome — the model ranked Competition as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
FUNDING
CRISIS
ACQUISITION ATTEMPT
Full Analysis
Free · no account needed
Documented cause
Evino was founded in 2013 in São Paulo and grew to become Brazil's leading online wine retailer, importing directly from producers worldwide and offering curated selections at competitive prices. The company raised approximately $40M including strategic investment from Ambev (the Brazilian subsidiary of AB InBev). But wine e-commerce in Brazil faces brutal headwinds: high import taxes on wine (up to 40%), cold chain logistics costs across a continent-sized country, and intense competition from traditional supermarket chains with national distribution networks. Unable to reach profitability at scale, Evino was acquired at a significantly distressed valuation by Wine.com.br in 2020.
Lesson
“In regulated product categories (alcohol, pharma), logistics cost and import taxes are business model constraints, not operational problems — model them before raising growth capital.”