Berlin-based “better-for-you” food start-up, KoRo, has raised €20 million in an extension of its Series B round, bringing the total to €75 million.
In this financing round, the online food platform for superfoods, snacks and nuts received investments from new shareholders SevenVentures, Associated British Foods and Family Office Haub Legacy, as well as participation from existing shareholders HV Capital, Five Seasons Ventures and Partech.
The latest raise is an extension of the initial Series B round of €55 million – which closed at the beginning of 2022. The funding will enable KoRo to accelerate its DTC online growth and expand its retail listings throughout Europe.
Daniel Kundt, KoRo’s CFO, said: “Despite the uncertain economic situation, we were able to further grow in 2022 and are aiming for sustainable profitable growth and a turnover of considerably over €100 million in 2023. Receiving further financing from existing and even new investors is a great sign of confidence for us, especially given the challenging environment for fundraising.”
In a statement, the start-up said that it will continue to focus on growth in established markets in Germany, Austria and Switzerland and further international expansion to high-potential regions like France, Italy and Scandinavia.
Florian Schwenkert, KoRo’s COO, added: “KoRo is pursuing the goal of becoming the leading omnichannel brand for natural, innovative and high-quality food in the European market. In doing so, we are building a sustainable business model, in order to be prepared for future challenges”.
© FoodBev Media Ltd 2022
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