Foodtech scaleup KoRo, which has over two million customers under its belt in Europe, announces that it has completed a EUR 35 million Series C oversubscribed investment round. Leading the operation is the New York-based US fund Coefficient Capital, already known for investing in other successful food brands such as Oatly, Just Spices and Magic Spoon. Some of KoRo’s existing investors also participated in the financing, including Five Seasons Ventures, HV Capital, Partech, Haub Legacy and Seven Ventures. Thanks to these funds, KoRo is now able to further accelerate its profitable growth strategy, improve its product innovation processes, and expand its already strong presence in Europe, with a special focus on Italy, France, and Benelux.
Named the ‘#1 strongest startup brand’ in Germany by both the German advertising group Jung von Matt and the market research institute Appinio, KoRo has established itself as one of the leaders of the snack industry in Europe, as well as a brand with which consumers recognise themselves deeply. In addition, the company recently received B-Corp certification, becoming part of a global community of companies that meet the highest standards of social and environmental impact. In the same year, Toni Petersson, former CEO of Oatly, joined the company’s advisory board. “The omnichannel model supported by KoRo’s tech is among the most remarkable I have ever seen in this field. By combining the online and offline experience, KoRo is creating a powerful flywheel effect that brings brand visibility, long-term growth and customer engagement. This unique approach is the key to KoRo’s success, as well as its ability to meet consumers’ needs, and I am thrilled to be a part of it,’ Petersson commented in a note (pictured with the management team).
Supporting this latest investment round is the performance of KoRo, which shows a 50% year-over-year growth trend, operating at break-even, and a presence in more than 13,000 retailers from major European retail groups, including Edeka, Rewe, Albert Heijn and Esselunga. Despite the difficult climate for FMCG tech-based companies seeking investment, KoRo received an oversubscribed investment round, reflecting investors’ confidence in KoRo’s business model and growth potential.
With the recently acquired funds, KoRo aims to establish itself as the number one ‘love brand’ in every home in Germany, while continuing its international expansion. The focus countries for this expansion are Italy, France and Benelux, where current sales results show significant growth potential for the company. This year, KoRo consolidated its presence in the aforementioned countries through the agreement with Albert Heijn, the leading supermarket group in the Netherlands, and by welcoming Olympic gold medalist athlete Teddy Reiner as brand ambassador in France. Thanks to its omnichannel presence, KoRo aims to scale its business in these areas by continuing to bring innovative snacks to the market, as well as improving its distribution networks and customer experience.
Davide Carenzi, country manager Italy of KoRo, says: “Being among the focus countries of this new investment round makes us proud. Our business is in continuous development, and in Italy we are proceeding with the expansion in the large-scale retail sector with important entries planned for 2025, alongside the already consolidated e-commerce. Our growth in Italy is over +50% year-on-year, and we aim to do even better in 2025. The quality and innovation of our products precede us and allow us to establish lasting ties and attract potential new partners. We have a lot of surprises in the pipeline for 2025, and we can’t wait to show them to our community.
Alice Tarditi, brand manager Italy of KoRo, adds: ‘The relationship with our online community has always been one of our strengths: the time has finally come to get to know KoRo beyond the screen, both through events and other exciting offline activations planned for next year. One of our most successful social events in recent years was the opening of the KoRo Café in Berlin, with hundreds of people all over Italy asking us to open one in their city: it is clear that our community is looking forward to meeting us.
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