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Technology

Italy's Supermercato24 Raises Funding From International Investors

Italian online marketplace Supermercato24 has raised €11 million in international funding from investors DIP Fund I (DIP Capital LLP), FII Tech Growth, 360 Capital Partners and Innogest.

The business said that the investment will be used to boost Supermercato24's international expansion, following its recent launch in Poland.

It currently boasts three offices, in Milan, Verona and Warsaw, and aims to expand its business to other markets by the end of the year.

International Scale

“Our business has established a leadership position in Italy and we are now scaling internationally," commented Federico Sargenti, CEO of Supermercato24 (pictured).

"We have just launched our service in Poland and we aim to expand geographically across Europe, while also launching new tools to serve our partner retailers and brands. The EU e-grocery market is in a key phase of growth and we want to lead the way by leveraging our technology and innovative business model."

Elsewhere, Riccardo Cirillo, founding and managing partner of DIP Capital LLP, said that Supermercato24 is in a "strong position" to scale across the continent.

"We are delighted to add an international angle, while joining such an outstanding shareholders’ base, to support the next phase of growth," he said.

In terms of the recent investment, DIP Capital was assisted by Studio Legale Gianni, Origoni, Grippo, Cappelli & Partners. Supermercato24 was assisted by Orrick.

© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Elizabeth Schroeder. Click subscribe to sign up to ESM: European Supermarket Magazine

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