Cortilia is a Milan, Italy-based online quality fresh food business that has completed a EUR34m series C funding round.
This round was led by Red Circle Investments, the company that invests in Renzo Rosso, the founder of Diesel and the president of the OTB, a fashion-focused group. OTB and participation from the existing investors Indaco Ventures, Five Seasons Ventures, Primomiglio, and P101 SGR. As part of the financing, it was announced that Mr Rosso would also join Cortilia’s Board of Directors of Cortilia.
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Cortilia Closes EUR34M Series C Financing
The company plans to utilize the funds to increase the reach of its services across Italy and to invest in the most modern technologies to operate at the highest levels of safety, quality and sustainable development.
Cortilia was founded in 2011 by Marco Porcaro 2011; Cortilia is an online store that offers a catalogue of 2,500 food items that promotes sustainable and healthy eating. The service, which is currently operating in the areas that include Lombardy, Emilia-Romagna and Piedmont, offers customers an array of fresh items from breeders, farmers and artisans, and delivered promptly and safely to the location they want.
In the year 2020, the business was able to generate a profit that was EUR33 million, which is an increase of 175 per cent over the year prior. More than 250 small and small local producers are part of Cortilia’s short supply chain. Cortilia employs a workforce of 50 workers, with 200 collaborators from outside. In 2021, all staff and operations will be relocated to the new “green” 50,000 square meters 2 headquarters located on the outskirts of Milan.
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Cortilia has also announced that it had officially updated the Articles of Association to become a benefit corporation. An official form of business that permits a non-profit organization to balance providing public benefits and the possibility of earning profits for shareholders.
