Direct-to-consumer (D2C) food technology startup KoRo has raised €50 million ($55 million) in a Series B funding round led by HV Capital, with participation from new investors Five Seasons Ventures and Partech.
According to a Wednesday (March 23) Tech Funding news report, the fresh capital will be used to expand the company’s suite of products, develop new marketing streams, broaden its workforce and grow its international footprint to Greece and the Czech Republic.
Headquartered in Berlin and co-founded by co-CEOs Constantinos Calios and Piran Asci in 2014, KoRo offers superfoods, supplements, beverages, snacks, dried fruits, spreads, nut butters, organic ingredients and more. The company also sells practical mixers, wooden bowls, storage jars and hygiene products, among other bulk offerings.
Calios said that having new investors adds “long-term industry knowledge” that will help the company “become Europe’s leading brand for high-quality natural food with transparent supply chains.”
“We will use the fresh capital to further accelerate growth both in Europe and internationally, with our team being the backbone of KoRo’s success,” Calios said, per the report. “We currently ship to 16 EU countries and plan to open the online store in Greece and the Czech Republic soon. With the investment of our new VCs, we also want to expand our product portfolio from 1,250 SKUs to 2,000 by the end of this year.”
Last year, KoRo rolled out in 10 new countries, including Ireland, Sweden, Denmark and Portugal, adding to the 16 locations it now sells in across Europe, including Austria, France, Germany, Spain and the U.K.
“With its leading position in Germany, KoRo is perfectly positioned to create a Europe-wide food powerhouse,” said Alexander Joel-Carbonell, HV Capital Growth co-lead.