Five Seasons, Indaco lead €8.5m round for Cortilia

Primomiglio also took part in the round via its Barcamper Ventures fund, a €45m vehicle dedicated to digital, financial technology, big data and software companies. The venture capital house is launching a new space technology-focused fund, Astra Ventures, with an €80m target.

Five Seasons deployed capital via its first fund, a €60m vehicle dedicated to investments in the foodtech sector.

Indaco drew capital from Indaco Ventures I, which was launched in May 2018 with a €200m target. The vehicle has raised €134m so far from Intesa Sanpaolo, Fondazione Cariplo, Fondo Italiano d'Investimento, H-Invest and the firm's management.

Cortilia intends to use the fresh capital to further grow its presence in Italy, expand in other cities across the country, and increase its investment in AI and new technologies to improve its quality and sustainability standards.

Previous funding
Cortilia raised €2.5m from Seed Digital Investments, Club Italia Investimenti, Boox and several business angels in February 2012. 

Subsequently, P101 Ventures led a €1.5m round for Cortilia in November 2014, invested €1.7m in July 2016, and an additional €2.5m in July 2017.

Company
Established in 2012 as an online fruit and vegetable market, Milan-headquartered Cortilia offers a wide variety of fresh food products from local farmers, including vegetables, fish, meat and cheese, as well as household and personal products. 

The company offers delivery to its customers' homes in 500 cities and towns across northern and central Italy, within 24 hours, at their most convenient day and time. Cortilia serves around 20,000 customers per year, employs approximately 100 staff and generates annual revenues of €9m.

People
Cortilia – Marco Porcaro (CEO, founder).
Five Seasons Ventures – Ivan Farneti (co-founder, partner).
Indaco Venture Partners – Davide Turco (CEO);  Antonella Beltrame (partner).
Primomiglio – Franco Gonella (board member).
P101 Ventures – Andrea Di Camillo (managing partner).

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