Berlin-based natural food company KoRo has announced a €50 million funding. The Series B round was led by venture capital firm HV Capital, alongside new investors, food tech specialist Five Seasons Ventures, and global investment platform, Partech.
The new funding is a combination of primary and secondary investment, and venture debt. It will be used to expand the product portfolio, develop new marketing channels and further expand the team and the business internationally.
Founded in 2014 by Constantinos Calios and Piran Asci, the food tech startup wants to bring more transparency to Europe’s food supply system. It is reinventing retail by bypassing trade levels, efficient processes, and bulk packaging. The direct-to-consumer (D2C) food brand offers high-quality food to everyone at fair prices.
In 2021, KoRo launched in 10 new markets, including Ireland, Sweden, Denmark and Portugal. It now sells direct to consumers in 16 countries across Europe, including Austria, France, Germany, Spain, and the U.K. With over 500,000 buyers in 2021, the company generated revenues of over €60 million. As part of the investment, it will now expand to Greece and the Czech Republic.
Constantinos Calios, co-founder and CEO, KoRo said: “We will use the fresh capital to further accelerate growth both in Europe and internationally. With the investment of our new VCs, we also want to expand our product portfolio from 1,250 stock keeping units (SKUs) to 2,000 by the end of this year.”
Alexander Joel-Carbonell, partner (growth), HV Capital said: “Within the sizable European grocery sector, the German market alone has 300 billion in GMV. With its leading position in Germany, KoRo is perfectly positioned to create a Europe-wide food powerhouse.”
Ivan Farneti, managing partner, Five Seasons Ventures said: “The platform’s product quality and value-for-money proposition for consumers can help it to become a leading new brand for healthy food in Europe.”
“With our long-term expertise in e-commerce, we decided it was the right time to come on board to support the company in its European expansion,” said Jean-Marc Patouillaud, general partner, Partech.