Associated British Foods (ABF) has made an investment in KoRo, a German food start-up, as the company’s Series B funding round hits €75m ($82.2m).
New investors, including ABF, the owner of Patak’s sauces and Kingsmill bread, have contributed €20m to KoRo’s Series B funding round.
KoRo’s current shareholders, HV Capital, Five Seasons Ventures, and Partech, are joined by additional investors in their Series B funding round, including SevenVentures and the Haub Legacy Ventures fund.
The funds raised in the Series B round will be utilized by KoRo, a producer of nut butters and snacks, to expedite its expansion plans.
In 2022, KoRo gained 500,000 new customers across 17 European markets. Rather than expanding into new regions, the company aims to focus on expanding its presence in these existing markets.
KoRo Co-CEO Piran Asci said, “We want to make Koro ubiquitous, from TV, to out-of-home campaigns, to listing in every supermarket. We will be everywhere, no chance to avoid it.”
COO Florian Schwenkert added, “KoRo is pursuing the goal of becoming the leading omni-channel brand for natural, innovative and high-quality food in the European market. In doing so, we are building a sustainable business model, in order to be prepared for future challenges.”
KoRo, headquartered in Berlin, has its products available in several European countries including Germany, Austria, Italy, Denmark, and France, and is stocked by various retailers in those regions.
KoRo’s objective is to achieve sustainable and profitable growth, with a turnover of more than €100m in 2023.
While KoRo does not anticipate needing additional funding in the immediate future, the company plans to explore the possibility of seeking additional investment around next year.
