MIP leads €2m series-A for flower delivery startup Colvin

AD4Ventures, the venture capital arm of TV broadcasting group Mediaset, also took part in the investment.

This new injection of capital brings the total funding raised by the company to €11m.

Colvin plans to use the fresh financing to further expand internationally, primarily in Italy, where it already has a market presence, and subsequently in northern Europe. In addition, the company intends to enlarge and improve its service and product offering and boost its investment in marketing and innovation.

MIP deployed capital from its MIP I fund, which was launched in December 2017 with a €100m target. The vehicle invests in European companies operating in the lifestyle sector with a technology and digital angle, and mainly focuses on the fashion, food and design industries. The GP told Unquote that it expects to reach a final close in June 2019.

Previous funding
Following an initial €300,000 seed round in 2016, Colvin raised €700,000 from Samaipata Ventures in April 2017. Subsequently, Samaipata and Mediaset invested €2m in the startup in December 2017.

Italian VC firm P101 and Samaipata Ventures led a €6m funding round for Colvin in October 2018. Television group Mediaset Spain also took part in the funding, alongside several private investors, including former Yahoo CEO Javier Etxebeste and Tuenti founder Hugo Arévalo. P101 deployed capital from its Programma 102 to finance the investment.

Company
Founded in 2016 and based in Barcelona, Colvin is an online platform that sells and delivers fresh flowers and bouquets. The company has a presence in Spain, Italy and Portugal.

People
Milano  Investment Partners – Stefano Guidotti, Paolo Gualdani (partners).
The Colvin Co – Andrés Cester (co-founder, CEO).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Venture
• Spain
• Italy