Innogest leads €1.6m bridge round for food startup Soul-K

The VC house deployed capital from IPGest, a €40.9m vehicle launched in 2013 and backed by the Italian Ministry of Economic Development, which committed €20m via its Fondo Nazionale per l'Innovazione. The remaining capital was raised from private investors, institutional investors and family offices.

Investment company Tan Food also took part in this funding round, which brings the total capital raised by Soul-K close to €4.6m.

The startup plans to use the fresh capital to consolidate its market position in Italy, invest in marketing and innovation – primarily automation and AI – and further enlarge its product offering. Furthermore, Soul-K expects to raise a larger series-B round in the coming months to fuel its international expansion.

Previous funding
Soul-K received an initial seed round of €450,000 in December 2015. Innogest later led a €2m series-A funding round for the startup in April 2018, alongside Tan Food and private investors Mattia Monti and Andrea Torlonia.

Subsequently, Soul-K received €500,000 in debt financing from Crédit Agricole in November 2018 

Company
Founded in 2016 and based in Muggiò, near Monza, Soul-K produces and delivers fresh ingredients, as well as ready-to-eat meals without artificial preservatives, for restaurants, hotels and catering companies. The company was initially called SoulKitchen.bio but has recently rebranded as Soul-K. It has a presence in Milan, Turin and Monza.

People
Innogest – Stefano Molino (partner).
Soul-K – Andrea Cova (co-founder, CEO).

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