17 Sep Italian fresh food delivery service Cortilia secures €8.5M Series B from Five Seasons Ventures and Indaco Venture Partners
Italian fresh food delivery service Cortilia secures €8.5M Series B from Five Seasons Ventures and Indaco Venture Partners
- The North Italy-based company plans to expand rapidly across the Italian market
- The business enables customers to order 2,000 items from local farmers, producers and artisans, straight to their door
- The Italian grocery market is worth €150Bn, but online services have a low adoption rate, providing Cortilia with the opportunity to become a key player in the food delivery market as it grows
Milan, Italy 17 September 2019– Cortilia, an innovative e-commerce business delivering fresh food products to homes across the North of Italy, has today announced it has raised €8.5million from the leading European foodtech investor Five Seasons Ventures, and Indaco Ventures, the largest VC in Italy.
Cortilia offers country-fresh products to consumers by placing them directly in contact with farmers and artisans. With a simple click, Cortilia delivers fresh, tasty and genuine products right at the user’s doorstep within 24 hours on the most convenient day and time. The service is available online, and via an iOS and Android app.
Cortilia was first established in 2012 as an online fruit and vegetable market. Today it offers an assortment of almost 2,000 products. It has become the premier online store for the purchase of fresh food, carefully selected by small farmers and artisans, with a fast, precise home delivery service serving 500 towns and cities across the Lombardy, Piedmont and Emilia-Romagna regions. In 2018, Cortilia delivered its products to the homes of over 20,000 Italian families.
The company was founded by Marco Porcaro, a serial entrepreneur with an engineering background. Prior to Cortilia, he Co-Founded Mobaila, a video community service for TELCO operators, and then Viamente, a route planner service, which exited to Workwave in 2012. By combining his passion for technology and food, Cortilia was created to bring seasonal Italian food to the online generation, adhering to a sustainability policy.
Cortilia uses technology to keep everything efficient and sustainable through each step: integrated management of farmers supply chain, use of predictive models for planning orders, offering clients the right products at the right moment (also with the help of AI) and finally the use of an advanced planning tool for delivery optimization. Product surplus amounts to only 1 percent of the volumes and it is donated to Banco Alimentare, a NGO that fights hunger and food waste, in order to help people in need.
The Italian grocery market is worth €150bn, but online service adoption is less than one percent, compared to France and the UK which is 10 times larger. The Italian food delivery market is at the very beginning of this transformation, which place Cortilia is a strong position for expansion and user growth. Currently the service is used predominantly by families with young children and full-time professionals.
The new round of investment will be used to drive growth for the business across Italy. In addition, the company will be investing money into the use of AI and other new technologies to increase standards in quality of food and sustainability.
“I am immensely proud that companies in the world of venture capital as important as Five Seasons and Indaco SGR have decided to invest in Cortilia,” announced Cortilia founder and CEO Marco Porcaro, “a season of great challenges await us and we will tackle them with even greater enthusiasm, because as Italians, we want to play a key role when it comes to innovation in distribution in our country, where online shopping is still in its infancy. We hope that consumers seeking a model that differs from the one proposed by the large-scale retail trade will find what they are looking for in Cortilia.”
Ivan Farneti, Co-Founder of Five Seasons Ventures, added: “From the very first meeting, we realised that Cortilia could be a “hidden gem” and we are extremely proud to be part of this company. In Italy, the penetration of the food e-commerce business is still at low levels, but growing rapidly, and we see Cortilia with the greatest chance of emerging as the champion. The Cortilia management team has the profile and skills at the level we are looking for throughout Europe. They listen carefully to what customers have to say and ensure an open dialogue with their suppliers, and we are convinced that they will be able to make the most of the opportunity offered by the new financial resources.
Antonella Beltrame, an Indaco partner and the Fund Investment Director, added: “In our opinion, the grocery sector will become polarised between Discount and Premium both online and offline, and thanks to its brand, omnichannel approach and technology, Cortilia is certainly on track to dominate the Premium segment, offering high value for all those Customers for whom quality and service are greater priorities.”
The investment also includes further involvement from Primomiglio, already a Cortilia shareholder, through its Barcamper Ventures investment vehicle.
For more information go to: www.cortilia.it
Notes to Editors
CEW Communications (UK)
Cathy White – 07791 232834
Weber Shandwick (Italy)
Paola Farina– tel.+39 02 57378.470
Press Kit: https://www.cortilia.it/stampa-news
Davide Turco, Managing Partner of Indaco SGR, said:“What convinced us to invest was an extremely passionate, high-quality team, one we believe is capable of revolutionising the distribution of agricultural products thanks to its innovative model that is not only able to guarantee better products, but also to eliminate inefficiencies. Generating important benefits for consumers from both an economic and quality standpoint, all while respecting the environment.”
Franco Gonella, a board member of Primomiglio Sgr, said: “We have believed in Cortilia and its team since its very launch. It is therefore a source of pride for us to be able to make a further contribution to the growth of the company together with a prestigious pool of investors. With this new investment round, Cortilia is strengthening its position as the point of reference in the food tech sector in Italy.”
Andrea Di Camillo, Managing Partner of P101 Ventures, said: “We’re long supporters of Cortilia since it first began, contributing to its evolution and progress, supporting the determination shown by its management team. Today, we are pleased to welcome colleagues from Five Seasons and Indaco to give further impetus to a business that is a virtuous example of the potential of innovative Italian companies.”
Cortilia is an innovative e-commerce that delivers grocery shopping to your house in 24 hours in one click. With Cortilia you can buy everything from seasonal fresh fruit and vegetables, fish, meat and cold cuts, cheese and dairy products, eggs, bread, a wide variety of other fresh and dry specialties, wine and craft beer, beauty products and household goods. All the products are carefully selected by the Cortilia team among the best Italian farmers, producers and artisans its partners.
The food-tech company was born in 2012 mixing the two passions of the founder Marco Porcaro: technology and love of food. Cortilia’s challenge is to bring the seasonal “slow food” in the era of on-demand economy. Thanks to its innovative business model and by using artificial intelligence, Cortilia can offer the best products, deleting waste and inefficiencies, according to its sustainability policy.
About Five Seasons Ventures
We invest in product and process innovation aimed at solving the global challenges in the food industry. From alternative proteins to healthier food, from personalised nutrition to new models of food distribution we back entrepreneurs throughout the food value chain. With offices in France and Italy, our unique team combines over 20 years of successful high tech venture investing with over 20 years of deep food industry experience. We are pioneer investors in this sector and we proudly put the word “Food tech” in venture capital in Europe.
Indaco Venture Partners SGR
Indaco Venture Partners SGR is the largest independent Italian venture capital asset management company, with a strong specialization in companies that innovate in medtech, electronics, robotics and digital. Investments in Indaco Ventures Fund I are focused on growth-stage companies whose competitive advantage stems from cutting-edge proprietary technologies and innovations. The focus is on Italian enterprises, although investments are made throughout Europe, USA, Canada and Israel. Indaco manages over 250 million across its five funds.
Born in 2016, Indaco has been founded by a group of managers with a strong specialization in venture capital.
Anchor institutional investors in Indaco Ventures Fund include Intesa Sanpaolo, Fondazione Cariplo and Fondo Italiano d’Investimento. In the digital sector, Indaco has an advisory partnership with growITup, innovative platform supported by Cariplo Factory and Microsoft.
About P101 SGR
A venture capital firm investing in innovative and technology driven companies. Founded in 2013 by Andrea Di Camillo, its funds are invested by institutional investors such as Azimut, Fondo Italiano d’Investimento, European Investment Fund, as well as some of the main Italian entrepreneurial families. P101 SGR currently manages two funds. The first one is Programma 101: launched in 2013, it has invested in 26 early stage tech companies, including BorsadelCredito.it, Cortilia, Milkman, Musixmatch and Tannico. Programma 101 has closed exit deals such as those of Musement and Octorate. Programma 102 is the second fund: it was launched in May 2018 with the aim of raising € 120 million and has already closed 3 investment rounds. P101 SGR has a team of 10 professionals and a network of advisors whose track record is made of investments in innovative companies such as Banzai, Linkem, Objectway, Vitaminic and Yoox. Besides economic support, P101 SGR provides new generations of entrepreneurs with the necessary network of knowledge and connections to support the growth of their companies. P101 takes its name from the first personal computer being produced and sold on a large scale globally, which was designed and created in Italy by Olivetti and is an example of Italian innovation leaving its mark in the history of modern digital technology well beyond national borders.
About Primomiglio SGR
An investment company focused on early stage Venture Capital and managed by a team with a strong expertise on digital technologies. Barcamper Ventures is an investment vehicle (a reserved Italian AIF) managed by Primomiglio SGR, with the mission to invest in high potential, digital startups, selected through an acceleration and investment process aimed at industrializing seed capital.