The Triodos Food Transition Europe Fund recently acquired a minority equity stake in the Berlin-based food brand KoRo as part of the company’s Series B extension round.
This investment is in line with KoRo’s goal to establish itself as Europe’s premier brand for transparent, high-quality, and reasonably priced food. Among the investors participating in KoRo’s Series B extension round earlier this year were Five Seasons, HV Capital, Partech, SevenVentures, Haub Legacy Ventures, and Associated British Foods.
Established in 2014, KoRo originated as an online store, launching with detergent as its first product. The company’s initial vision focused on delivering products online at equitable prices, emphasizing larger volumes, straightforward design, and the removal of intermediaries from the supply chain.
Today, KoRo has evolved into a company valued at over €100 million, specializing in food and serving more than 1.4 million customers across 17 countries. While maintaining its online presence, KoRo is expanding into retail and is currently available in over 9,000 stores.
KoRo stands out with its emphasis on cost-effective bulk packaging and a wide variety of snacks. Noteworthy offerings encompass the date and hazelnut spread, alongside numerous other food products.
Committed to sustainability, the company offers the majority of its products in bulk packages to reduce packaging waste compared to traditional retailers. KoRo aims for a short supply chain, minimising intermediaries, and offers a variety of snacks with no added sugar.
According to KoRo’s analyses, their snacks contain, on average, 29% less sugar, 41% more fibre and 29% more proteins than established alternatives. Over 50% of their assortment is vegan, and more than half of their products are organic.
KoRo says it is positioned for further growth, with plans to expand its online and retail presence across Europe in the coming years. The company aims to strengthen its brand and enhance logistical operations to meet the growing demand for sustainable, high-quality food.
KoRO CEO, Florian Schwenkert, said, “With this new investment, we can further strengthen our foundation and foster sustainable future growth. This will not only prepare us for exciting challenges, but also give us the freedom to drive innovation at both sustainability and product level.”
KoRo CFO, Daniel Kundt, added, Despite the uncertain economic situation, we will be able to reach sustainable growth and a turnover of over €100 million in 2023. This emphasises that our products and business offering precisely align with customers’ demands for high-quality food and transparency and that the need was not just a passing trend.”
Fund manager, Adam Kybird, commented, ‘We are very happy to welcome KoRo to our portfolio. KoRo’s commitment to more sustainable and quality food at affordable prices makes them stand out in the market. We see this as a great opportunity to enable more people pursue a diet with a lower impact for our planet. We look forward to contributing to KoRo’s growth and vision in the years ahead.”
