Milan-based Cortilia, an e-commerce business delivering fresh food products to homes across the North of Italy, has raised €34M in its Series C round of funding.
Investors in this round
The round was led by Red Circle Investments, the investment company of Renzo Rosso (founder of Diesel and president of fashion group OTB). With this development, Rosso will be joining the Board of Directors of Cortilia. Besides, existing investors, including Indaco Ventures, Five Seasons Ventures, Primomiglio, and P101 SGR also participated in this round.
Cortilia becomes A-corp
Cortilia also announced that it has updated its Articles of Association to officially become a Benefit Corporation (B-Corp).
Companies that are certified B Corporations ‘meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose’, according to B-corp’s website.
The aim is to drive private companies to play their part in solving some of society’s most challenging problems. B Corps actively work to reduce inequality, create a healthier environment and have a positive impact. Not just by taking symbolic steps, but instead by looking at every single aspect of their organisation.
Speaking on the development, Marco Porcaro, CEO of Cortilia says “Our transformation into a Benefit Corporation is confirmation of our focus on social-economic and environmental sustainability in our activities, with particular attention to the valorisation of the agricultural fabric of our wonderful country.”
He further added that “The new Articles of Association provide for various objectives aimed at the common good, from the reduction of direct and indirect environmental impact to the promotion of short food supply chains for the benefit of local producers and customers; from transparency and accurate information to the raising of consumer awareness regarding a sustainable lifestyle; from involving and giving voice to stakeholders in decisional processes to the creation of a company community that promotes a culture of inclusion, ethic and sustainability.”
Use of the raised capital
Cortilia 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.
Everything about Cortilia
Founded by Marco Porcaro in 2011, Cortilia is an online grocery delivery company that offers products from local farmers. The company has a catalogue of 2,500 food products and is promoting a model of sustainable and healthy consumption.
Its services are currently operational in the Italian regions of Lombardy, Emilia-Romagna, and Piedmont. It allows consumers to receive fresh produce from farmers, breeders and artisans, delivered safely and on time.
According to the company, in 2020, it had a turnover of €33M, with growth rate of +175% over 2019. More than 250 SMEs local producers are integrated in Cortilia’s short supply chain.
