KoRo, a European snacking brand, has raised €35 million in a Series C funding round. The financing was led by Coefficient Capital, a New York-based growth equity firm known for its investments in brands like Oatly, Just Spices, and Magic Spoon. The round also saw participation from existing backers, including Five Seasons Ventures, HV Capital, Partech, Haub Legacy, and SevenVentures.
This fresh capital will fuel KoRo’s plans for growth, particularly in France, Italy, and the Benelux region.
“We are delighted to have Coefficient Capital on board and thank our existing investors who continue to support KoRo’s mission to revolutionise the snacking industry and lead the way as an innovative and transparent player in the food space. Thanks to the excellent work of our team, we are well on the way to building an omnichannel love brand with a pan-European presence. Many exciting projects and partnerships are already planned for the coming year – there are still many exciting things to come from KoRo,” says Florian Schwenkert, CEO of KoRo.
Founded in 2014, KoRo employs over 300 people, with with an availability in more than 10,000 retail stores across Europe.
KoRo has garnered a customer base of over two million across Europe, as well as securing a B-Corp™ certification this year. The company is on track to achieve over 50% sales growth and profitability in 2024. KoRo’s expanding presence in Europe has included a partnership with Dutch retail giant Albert Heijn and the recruitment of Olympic gold medalist Teddy Riner as a brand ambassador in France.
“It is with great enthusiasm that we support KoRo in this important phase of its journey. The company’s strong growth, commitment to sustainability, digital approach and innovation in the snack sector set it apart from others. KoRo has a truly differentiated strategy and we believe it has the potential to become a global leader in healthy snacks. We are excited to support its continued expansion into new markets,” says Arpon Ray, Partner at Coefficient Capital.
KoRo also recruited the ex-CEO of Oatly, Toni Petersson, as the newest member of the Advisory Board. “KoRo’s omnichannel model is one of the most impressive I have seen in the industry. By seamlessly connecting online and offline experiences, it creates a powerful flywheel effect that drives brand visibility, customer loyalty and long-term growth. This unique approach and KoRo’s ability to pick up consumers at exactly the right moment is key to the company’s success. I am delighted to be a part of it,” says Petersson.
Read the orginal article: https://www.eu-startups.com/2024/11/berlin-based-koro-secures-e35-million-in-series-c-funding-to-drive-european-expansion/
