Berlin’s self-billed “better for you food” brand KoRo has raised €20 million in a Series B extension round that welcomed new investors SevenVentures, Associated British Foods, and the Haub Legacy Ventures and saw continued support from existing shareholders HV Capital, Five Seasons Ventures and Partech.
According to the company, the new investment will be used to further fuel growth in both offline and, given the inclusion of SevenVentures, online media. Plans are to continue the development of its market presence in the DACH region, while further afield markets including France, Italy, and Scandinavia are all on KoRo’s roadmap.
"Thanks to the capital injection and privileged access to mass market media via one of our new investors SevenVentures, we want to make Koro ubiquitous: from TV, to Out of Home campaigns, to listing into every supermarket. We will be everywhere, no chance to avoid it,” said KoRo co-CEO Piran Asci.
Offering nut butters, snacks, and superfoods, KoRo says that they’ve acquired around half a million new customers over the course of 2022 in 17 markets, and have scored a major win with Deutsche Bahn offering the company’s gluten-free oat bar in all onboard cafes.
KoRo CFO Daniel Kundt says that the company is on track to achieve profitability in 2023, adding that turnover figures are projected to be, “considerably over €100 million in 2023.”