FII Tech Growth invests in Supermercato24
The Fund is managed by Fondo Italiano d’Investimento SGR
FII Tech Growth, a fund managed by Fondo Italiano d'Investimento SGR, announces its investment in Supermercato24, an Italian on-demand e-grocery marketplace that allows customers to shop online at their supermarket of choice. The transaction is a capital increase of Euro 13 Million; FII Tech Growth acted as lead investors subscribing Euro 8 million in exchange of a minority stake in Supermercato24.
The new funding will be used to improve the product, expand the service to new markets and strengthen the managerial structure. Supermercato24 is now active in 23 Italian cities and allows customers to pick online their products that are delivered to the requested address on the very same-day, even within an hour. To allow consumers to place orders via smartphone, the company has developed an intuitive and effective mobile app. Over the past two years the company has established a leadership position in Italy, growing revenues threefold every year and partnering with more than 15 grocery retailers, offering its customers a wide product assortment; for example, in Milan there are active partnerships with Coop Lombardia and PAM.
"Eight months after its launch, FII Tech Growth closes its third investment after those in BeMyEye (November 2017) and in Seco (April 2018)”, declared Carlo Mammola, CEO of Fondo Italiano d'Investimento SGR. "Overall - continued Mammola - the amount invested by the fund sum up to Eur 23.4 million; the fundraising activity is still ongoing with the aim of reaching our target of Euro 150 million. Through these activities, Fondo Italiano successfully continues to provide its support to Italian technology companies, with the aim to strengthen their national and international market development".
Federico Sargenti, CEO of S24, said: "This funding will help us to achieve our ambitious growth goals, to provide retailers with a competitive, fast and safe e-commerce solution and empowering our role as an industry innovator. The European grocery industry is in the early phase of a massive shift from offline to online and we believe the winning model will be the result of a collaboration between traditional grocery retailers and tech companies like Supermercato24 that acts as enabler and can scale in both big and small cities".
EFA News - European Food Agency