DIP Capital leads €11m series-C for Supermercato24

Previous backers FII Tech Growth, 360 Capital Partners and Innogest also took part in the funding round.

DIP invested in the company via DIP Fund I, a €40m vehicle that invests in late-seed and growth rounds, targeting companies operating in the technology, online services and software development sectors. DIP is backed by Platina Partners, a European private equity firm focused on the renewable energy sector.

Supermercato24 intends to use the fresh capital to further consolidate its market position across Italy, bolster its growth and expand abroad. In addition, the company plans to scale up its team and launch new services and features for retailers.

Supermercato24 expanded into Poland last year, with the acquisition of Warsaw-based grocery platform Szopi, in a deal financed with cash and an exchange of shares.

Previous funding
Supermercato24 raised an initial round of €155,000 from several business angels in January 2015, followed by a $360,000 seed round led by 360 Capital alongside venture capital firm Innogest in February 2015. Subsequently, Innogest led a €3m funding round for the company with the participation of 360 Capital in July 2016.

The business raised an additional €320,000 investment from Club degli Investitori and Italian Angels for Growth in February 2017.

Fondo Italiano d'Investimento (FII) led a €13m funding round for Supermercato24 in June 2018. Existing shareholders Innogest and 360 Capital also took part in the investment, alongside newcomer Endeavor Catalyst.

FII deployed capital via its FII Tech Growth Fund, a vehicle launched in 2017 with a €150m target. The fund invests in majority and minority stakes of small and medium-sized Italian companies with a turnover of €5-70m by deploying equity tickets of €5-20m.

Company
Founded in 2014, Supermercato24 is an online grocery platform that offers same-day delivery to its customers from local supermarkets. The company has 15 partnerships with merchants and operates in 400 cities and towns across Italy.

Supermercato24 is headquartered in Milan, with additional offices in Verona and Warsaw; it employs 140 staff. It generated revenues of around €30m in 2019.

People
DIP Capital – Riccardo Cirillo (founding and managing partner).
Supermercato24 – Federico Sargenti (CEO).

Advisers
Equity – Studio Legale Gianni Origoni Grippo Cappelli & Partners (legal).
Company – Orrick (legal).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Venture
• Fondo Italiano di Investimento
• Orrick
• Italy
• Platina Partners LLP