Rich Ex-CEO of FNB Invests in Online Wine Business

Michael Jordaan, the former CEO of FNB, has invested in Port2Port, a local online wine retailer. He has invested an undisclosed amount in the start-up, and tweeted the announcement through Montegray Capital, which is his start-up investment vehicle.

Jordaan is also expected to take a directorship at Port2Port.

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

Port2Port sells premium wines with its best sellers at over R200/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. We’re especially proud of our 45% returning customer rate,” Pudel said.

Jordaan’s cash will be used by the company to improve its warehousing and logistics and also to expand its range of products.

“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.