Cortilia, a Milan, Italy based online quality fresh food company, closed a €34m Series C round of financing.
The round was led by Red Circle Investments, the investment company of Renzo Rosso, founder of Diesel and president of fashion group OTB, with participation from existing investors Indaco Ventures, Five Seasons Ventures, Primomiglio, and P101 SGR. In conjunction with the funding, Mr Rosso is also joining the Board of Directors of Cortilia.
The company intends to use the funds to further develop the presence of its services throughout Italy, and invest in the latest technologies to continue operating with the highest standards of quality, safety and sustainability.
Founded by Marco Porcaro in 2011, Cortilia is an e-commerce company with a catalogue of 2,500 food products, promoting a model of sustainable and healthy consumption. The service, currently active in the regions of Lombardy, Emilia-Romagna and Piedmont, allows consumers to receive a fresh selection of products from farmers, breeders and artisans, delivered quickly, safely and on time to their place. In 2020, the company had a turnover of €33 million, with a growth of +175% over 2019. More than 250 small and medium-sized local producers are integrated in Cortilia’s short supply chain and the company employs a staff of 50 people supported by 200 external collaborators. In 2021 all the staff and operations will move to the new “green” 50,000 m2 headquarter, located on the outskirts of Milan.
Cortilia also announced that it has updated its Articles of Association to officially become a benefit corporation, a legal form of company that allows a for-profit organisation to balance the importance of delivering public benefits, with profits for shareholders.