Italy: Fresh food online delivery start-up Cortilia raises €34m

Renzo Rosso, founder of the Diesel brand and president of the OTB fashion group, puts his weight behind the growing brand

Cortilia, the Italian online shopping firm delivering fresh food from local farmers, has raised €34 million in a Series C funding round led by Red Circle Investments. The cash injection included participation from Indaco Ventures, the largest venture capital fund in Italy. Venture capital firms Five Seasons Ventures, Primomiglio and P101 also participated in the round.

Red Circle’s founder and president, Renzo Rosso – also founder of the Diesel brand and president of the OTB fashion group – has joined the Cortilia board.

Marco Porcaro, chief executive of Cortilia, said this agreement with Red Circle Investments gives new impetus to Cortilia’s growth. He noted that the entry of an entrepreneur like Renzo Rosso will bring great added value in terms of new perspectives and opportunities.

“With Renzo Rosso and Red Circle Investments we share a sensitivity towards values that we consider fundamental – quality, innovation, sustainability,” said Porcaro. “I am sure that, starting from these common foundations, we will be able to build a successful future for Cortilia.”

Rosso concurred, noting that Cortilia marries the concept of sustainable quality food with digital innovation, two pillars of his vision of the future. He said: “The attention to nature and the earth, which was born with my origins and has been refined over the years thanks to the work in our Diesel Farm, which produces entirely organic wines and oils, and my passion for everything that is innovation and technology, they find their synthesis in Cortilia.”

Rosso argued that the past year recalled the importance of health and wellbeing, and how technology can change our lives. “In the case of Cortilia, for example, by connecting the farmer and consumer in a digital way. This participation is the natural evolution of our interest and commitment in this sector,” he explained.

Cortilia: A growing business

Cortilia’s service is available in Lombardy, Emilia-Romagna and Piedmont, with produce from carefully selected farmers, breeders and artisan producers delivered to customers’ homes. It collaborates with more than 250 small and medium-sized producers and has 50 employees,

Last year, the company reported a turnover of €33 million, up 175% compared to 2019.

This year Cortilia plans to set up a new 50,000 square metre green headquarters on the outskirts of Milan.

Davide Turco, chief executive of Indaco Ventures, said: “We believe in the great potential of the Cortilia platform and with this perspective, we have more than doubled our initial investment in this round.”

Cortilia’s new investor P101 is an Italian venture capital firm focused on early-stage investments in the digital sector. Its founder and managing director, Andrea Di Camillo, said: “We have believed in and supported the Cortilia project since its inception and we are proud to accompany the company in this dimensional transition.”

Di Camillo argued that Cortilia represents an investment in a project of excellence in terms of brand, technology and customer experience, in a high-potential sector.

“It’s the best online fresh grocery company in Europe,” said Franco Gonella, board member of Primomiglio. “Cortilia could be the next Ocado,” he concluded.