Wednesday, November 5, 2014

Cortilia raises €1.5M in Funding from Programma 101 (P101)

Milan, 5th November 2014Cortilia, an Italian Online Local Grocery Marketplace, chosen already by more than 500,000 users in Lomdarby with thousands of weekly deliveiers, announced today a €1.5 million round lead by P101, the Milan-based venture capital firm specialized in early stage investments in the digital space.  This new capital injection brings the total funds raised by the company since its founding in 2011 to €2.5 million and represents the first step of a midterm €5 million Investment Plan. The operator of venture capital P101 bets on Food Innovation with the startup Cortilia founded by Marco Porcaro, ready now to conquer new markets and expand the offered products and services.

P101 thus joins a pool of investors who have already bet on the company, providing not only fresh capitals but also a wealth of knowledge and know-how that will allow Cortilia to further develop its business and consolidate its market position.

"I am extremely pleased with this investment, which is the first step of an ambitious plan
we agreed with both the Company’s management and its shareholders," said Andrea Di Camillo, Managing Partner at P101. "Cortilia represents what an investor looks for in a start-up: a young and fast growing company, operating in a very large market with an innovative business model. Thanks to this investment and the resources that we are going to put in place, I believe that, in the medium term, we will able to turn this Italian story into an international success.”

Cortilia aims to expand its market presence in Italy, to invest in R&D hiring new talents and extend the range of products and the fruition modality of the service offered to the public. With an established market position in Lombardy, the Italian online local grocery marketplace has been chosen by more than 50,000 customers, boasting of annual revenues of over €2 million in 2014. The company is now getting ready to speed up its market penetration in Lombardy in order to consolidate its leadership and to launch its service in other Northern Italy’s cities. Moreover Cortilia is planning to further develop the web platform to seize all the opportunities linked to food e-commerce and mobile commerce, which are rapidly growing in Italy.

"Thanks to our customers who trust us, to farmers who enthusiastically join Cortilia and a young and talented team, we will continue to expand the range of services and products offering”, said Marco Porcaro, CEO and Founder of Cortilia. "With these new resources and with the support of P101, we want to expand our team and improve the platform and logistic service, covering new geographical areas. In the coming months we will involve at least 50 new farmers, that will find in Cortilia a partner capable of enhancing their productive excellence. Our results demonstrate that, as Expo 2015 will confirm in the next few months, you can innovate by creating new models of food distribution ”. 

Cortilia is the first agricultural online marketplace that allows users to receive at their doorstep boxes of fresh, seasonal products in subscription or occasionally. This innovative model of purchase - allowing supply and demand to meet without costly intermediaries - responds to the growing need of consumers to eat healthily and sustainable, in just a click away.

About P101
Programma 101 or P101 is the venture capital fund promoted by Andrea Di Camillo (ex founder of Banzai and Vitaminic) and sponsored by Azimut Holding and the Italian Investment Fund, specialized on early-stage investments in the digital space between €500k and €3M. The company's aim is to provide the new generation of entrepreneurs with resources, skills and services needed to consolidate and boost the growth of their companies. 
The investments are mainly focused on Italian companies able to exploit the opportunities offered by the digital revolution, which have already proven their business model and the ability to scale quickly, relying on technological innovation, product and process innovation. Promoted by Andrea Di Camillo, 15 years of experience in venture capital and one of the founders of Banzai and Vitaminic, P101 is the name of the first personal computer sold worlwide on a large scale. Program 101 was conceived, created and produced in the sixties by Olivetti in Italy, and it was an example of Italian innovation that has left its mark in the history of modern digital technology, well beyond national borders.