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Supermercato24, an on-demand grocery delivery service founded by Endeavor Entrepreneur Federico Sargenti, has raised €13 Million in Series B funding in a round led be FII Tech Growth with participation from Endeavor Catalyst. The round is the largest raised by an on-demand e-grocery marketplace from a European VC, and the funding will be used to improve Supermercato24’s operations and product, as well as to expand the service to new markets.
Supermercato24 is transforming the way people buy groceries and home essentials in Italy. Using their unique logistics algorithm, the company connects customers with couriers who purchase and deliver groceries the same day — even within the hour. Supermercato24 is already the biggest on-demand e-grocery marketplace in terms of revenues and is already in discussion with current and prospects retailers to expand the service across Europe.
Supermercato24 allows users to order groceries via an app in advance for same day delivery. | Photo courtesy of Supermercato24
“The European grocery industry is in the early phase of a massive shift from offline to online. Growth, especially in southern Europe, has been historically limited by a lack of supply, but things are changing fast with the entrance of new players and the increasing investments from retailers,” Federico commented in the company’s press release announcing the round. “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 big and small cities. This funding will help us in achieving our ambitious growth goals, providing retailers with a competitive, fast and safe e-commerce solution and empowering our role as an industry innovator”.
A lifelong entrepreneur, Federico was inspired to start Supermercato24 after several years running the FMCG categories (including Grocery, Wine, Beauty, Health & Personal Care) for Amazon.com in Italy and Spain. He was selected as an Endeavor Entrepreneur at the 73rd International Selection Panel in Beirut, Lebanon, in July 2017. Since then Endeavor has supported Federico with strategic connections to mentors through the capital raising process and as he seeks to expand his team.
Endeavor Catalyst Managing Director Allen Taylor spoke with Italian CNBC news correspondents about Endeavor Catalyst’s philosophy and investing in Italian scale-ups.
With this latest investment, Endeavor Catalyst is now the most active international fund investing in Italy. In November 2016, Endeavor Catalyst invested in Talent Garden, a network of co-working spaces across Europe led by Endeavor Entrepreneur Davide Dattoli, alongside Tamburi Investment Partners and 500 Startups. In April 2017, Endeavor Catalyst invested alongside Innogest in Empatica, a health-tech company led by Endeavor Entrepreneur Matteo Lai.
Endeavor Catalyst is the innovative co-investment fund of Endeavor, set up to invest exclusively in Endeavor Entrepreneur-led companies and to sustain Endeavor’s long-term operations in a mission-aligned way. Since launching in January 2012, Endeavor Catalyst has raised over $100M in philanthropically donated and invested capital, and invested into 76 Endeavor companies in 21 markets. To date, Endeavor Catalyst has co-invested alongside a number of leading venture capital and growth equity funds, including Accel Partners, General Atlantic, NEA, Sequoia Capital and Tiger Global. Investments include Globant (NYSE: GLOB) in Argentina and Yemeksepeti.com (acquired by Delivery Hero) in Turkey.
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