Italian online grocery delivery platform Supermercato24 nets €3M, led by Innogest
Supermercato24 has closed its capital increase with a €3 million round, mainly backed by Innogest (lead investor) and 360 Capital Partners, who has been former investors in the seed round of February 2015. To convince the two leading Italian venture capital funds of the value of the project led byEnrico Pandian, Founder and Chairman of the Board, there was a consistent monthly revenue growth (around 15% on average), and the first commercial collaborations with retailers and industry brands. Supermercato24 foresees closing its 2016 financial statement with a turnover of €5 million (compared to€750.000 in 2015).
To accompany Supermercato24 towards the future, Federico Sargenti will be its new Ceo. He previously managed Amazon’s e-commerce for groceries in Italy and Spain, and together with founder and president Enrico Pandian he is committed to improving service efficiency through the consolidation of the logistics network and the extension of its product range, positioning prices in line with those of sales points.
With the closing of this capital increase, the Board of Directors will see the entrance, in addition to Pandian and Sargenti, of some of the industry’s leading managers such as Andrea Petronio, Partner of Bain & Company Italy who already has extensive experience in the retail, as well as Stefano Molino, an Innogest partner, and Cesare Maifredi, general partner of 360 Capital Partners.
«I accepted this challenge because Supermercato24 is the right business model to meet the new needs of both consumers and grocery operators in an increasingly digital marketplace», says Federico Sargenti. «With Supermercato24, Italian consumers can have variety and quality from a trusted brand, combined with same-day home delivery within an hour. Retailers have access to a partner who connects their physical sales points to online ones, at no additional set-up cost, giving them the benefit of incremental sales. With this capital increase we can continue to grow and further improve our service quality».
«The renewed interest of our investors encourages us to structure our business better, in order to reach more and more customers. Above all, we are strengthening ourselves in areas where our service is already present, and aiming for price parity between our Supermercato24 platform and physical sales points», saysEnrico Pandian, Founder and Chairman of the Board. «The entry of new ecommerce players in the grocery industry is convincing more and more customers of the benefits of online shopping even in this market, making Supermercato24 the ideal partner for retailers. For us, it’s a success story that will see us reaching 250.000 users and 5 million in revenue in 2016, in less than two years».
«We are pleased to have invested in the company, and to contribute to the growth of Supermercato24», commented Stefano Molino, an Innogest partner. «We believe there is a great market opportunity in the development of online grocery shopping in Italy, which still represents a very small percentage of the overall market. Supermercato24 is positioned to be a leader in the industry thanks to its sophisticated platform, and its relations with distribution and brand-name industries».
Supermercato24’s success story began in August 2014, starting from Enrico Pandian’s desire to solve the problem of people’s limited time to do their grocery shopping. The platform went online in September 2014, and already by January 2015 this idea had persuaded 360 Capital Partners to make its first investment, enabling a service expansion to 16 Italian provinces. Other capital increases underwritten by various investors in 2015, for a total value of €1.5 million, allowed them to further strengthen their service.
The success of this all-Italian e-commerce experience can be seen in the trust in less than two years of more than 40.000 Italians who are already customers and a total of 250.000 registered users, with an average of 500 deliveries per day in more than 300 municipalities where the service is active.
What is Supermercato24
Supermercato24 was born from the increasingly high demand for a service which can offer one of the most precious commodities of modern society: time.
The innovation of the Supermercato24 platform is that it puts those who want the shopping in direct contact with those who physically do the shopping, in their place: their personal shoppers.
With Supermercato24 you save time, by doing the shopping with a click. You receive the goods on the same day, even within an hour. Customers can also pay for their groceries with cash on delivery.
Supermercato24 customers have the option to choose their supermarket of trust, select their products from those available in that point of sale, in addition to any on offer on the platform at that time, and then have their purchases delivered to the desired address within as little as an hour, or within their preferred timeframe.
Supermercato24 is already operating in 16 Italian provinces in Lombardy, Veneto, Piedmont, Liguria, Emilia Romagna and Lazio, and is growing rapidly thanks to the advantages offered: the new Italian way to shop anywhere from Pc and app, same-day delivery, guaranteed freshness from your trusted supermarket.
Source : Innogest Press Release