Cortilia to get a €34m Series C round of financing led by Red Circle Investments
Cortilia, a Milan, Italy-based food and grocery e-commerce business, announced that it secured a Series C funding round totalling €34 million ($41M).
The money was raised from Italian investors led by Red Circle Investments, the investment company of Renzo Rosso, with participation from existing investors Indaco Ventures, Five Seasons Ventures, Primomiglio, and P101 SGR.
In conjunction with the funding, Renzo Rosso is also joining the Board of Directors of Cortilia.
Proceeds will be used 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.
Cortilia, founded in 2011 by CEO Marco Porcaro, is an e-commerce company selling fresh food and groceries via a catalogue with 2,500 food products.
The company operates in the regions of Lombardy, Emilia-Romagna and Piedmont, providing consumers with access to a fresh selection of products from farmers, breeders and artisans, delivered quickly, safely and on time to their place. The platform integrates more than 250 small and medium-sized local producers and is backed by a staff of 50 people supported by 200 external collaborators.
In 2020, Cortilia had a turnover of €33 million, with a growth of +175% over 2019. In September 2019, it raised a €8.5 million Series B.