Cortilia: new 34 million round and transformation into a B-corp
Renzo Rosso enters the capital and the board of directors
Cortilia, announces conclusion of a new round of investments worth 34 million euros, underwritten by the existing shareholders and by Red Circle, and the transformation into a benefit company. Red Circle Investments, Renzo Rosso's investment company, enters the capital of the food-tech company, founded in 2011 by Marco Porcaro. The entrepreneur, founder of the Diesel brand and president of the Otb fashion group, also joins the board of directors of Cortilia.
The subscribers of the last round of Cortilia took place in 2019: Indaco Ventures, Five Seasons Ventures, Primomiglio, P101 Sgr. Following the transaction, Red Circle Investments joins the existing shareholder funds and the founder in the governance of the company. The new financial resources collected with the round just concluded will allow the scale-up to increase its growth and further develop its service on the Italian territory, using the best technologies and innovations to operate according to the highest standards of quality and sustainability.
Born as the first online agricultural market, Cortilia is today an e-commerce with a catalog of 2,500 references. The service, already active in Lombardy, Emilia-Romagna and Piedmont, allows consumers to receive at home products from selected farmers, breeders and artisanal producers. In 2020 Cortilia had a turnover of 33 million Euros, with a growth of + 175% compared to 2019. Currently the company collaborates with over 250 small and medium-sized producers and employs 50 direct employees and over 200 collaborators in the related industries. In 2021 it plans to inaugurate a new "green" headquarters of 50,000 square meters on the outskirts of Milan.
Porcaro commented: "With Renzo Rosso and Red Circle Investments we share the sensitivity towards values that we consider fundamental as quality, innovation, sustainability. I am sure that, starting from these common foundations, we will be able to build a successful future for Cortilia". Rosso: “Cortilia marries the concept of sustainable quality food with digital innovation, two pillars of my vision of the future. 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, to which I count on bringing my know-how in different sectors and activities, and an ever new and unexpected vision of seeing things”.
Cortilia also announces that it has amended its statute to officially become a benefit company, a legal form of business that allows a for-profit to balance a public benefit with the profits of shareholders. With the transformation into a benefit company, it legally confirms its commitment to operate in a responsible and transparent manner towards people, communities, territories, environment, assets, cultural and social activities, entities, associations and other stakeholders.
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