VCs invest in €34m series-C for Cortilia

The round was led by Red Circle Investments, the investment company of Renzo Rosso, the co-founder of fashion brand Diesel and president of clothing group OTB.

In conjunction with the funding, Rosso will join the company's board of directors.

Cortilia intends to use the fresh capital to consolidate its presence in Italy, expand its customer base and further improve quality, safety and sustainability of its services.

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

Subsequently, P101 led a €1.5m round for the company in November 2014. The VC also invested €1.7m in July 2016 and an additional €2.5m in July 2017.

Five Seasons Ventures and Indaco led an €8.5m round for Cortilia in September 2019. Primomiglio also took part in the investment via its Barcamper Ventures fund.

Company
Established in 2012, Milan-headquartered Cortilia is an online marketplace offering 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. Cortilia serves around 20,000 customers per year and employs approximately 100 staff. The business generated a turnover of €33m in 2020, recording a 175% increase on 2019.

People
Cortilia – Marco Porcaro (CEO, founder).
Five Seasons Ventures – Ivan Farneti (managing partner).
Indaco Venture Partners – Davide Turco (CEO).
P101 Ventures – Andrea Di Camillo (managing partner).
Primomiglio – Gianluca Dettori (president).

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