Felix Capital and Verlinvest have led a €30m funding round for France-based meal delivery business Frichti.
Existing investors Alven Capital and Idinvest Partners also took part in the round, which will fund the geographic expansion of the company that currently focuses on the greater Paris area. Initially the business will look to increase its presence across France, before expanding into other European cities, with the London market cited as a potential option.
Following the transaction, Frichti will also look to increase its headcount, which currently stands at 300. At the time of its previous funding round 14 months ago, the company employed around 100 people.
Frichti first received venture capital backing in November 2015, when Alven provided it with €1m of growth capital funding.
Idinvest and Alven then took part in a €12m round of funding for Frichti in March 2016, with business angels Pierre Valade, Céline Lazorthes and Céline Orjub also taking part in the round.
Founded by Julia Bijaoui in June 2015 and headquartered in Paris, Frichti produces and delivers food menus, with ingredients sourced directly from producers. The meals are delivered cold, with customers then required to reheat them.
Felix Capital – Frederic Court (managing partner).
Alven Capital – Jeremy Uzan (partner).
Verlinvest – Frédéric de Mevius (chairperson).
Frichti – Julia Bijaoui, Quentin Vacher (co-founders).
Funding will be used to scale the company's platform for the US and Asia markets
Fund targets companies operating in a wide range of sectors and deploys tickets in the $50-500m range
Predecessor vehicle PEC III closed on $389m in October 2017 and is now fully deployed
Arlington expects to put fresh capital into the business and grow it through acquisitions