Everli (formerly known as Supermercato24), Europe’s leading online shopping marketplace, grossed a 100 million dollars Series C mega-round. It was led by Verlinvest, the Belgian private equity firm sponsored by the Les Spoelberch family, the main shareholder of the beer giant AB-InBev.
The round was also attended by new international investors, including Luxor, DN Capital, C4 Ventures and Convivialité Ventures as well as the existing shareholders FITEC, managed by Fondo Italiano d’Investimento sgr, Cdp Venture Capital sgr, 360 Capital, Innogest sgr and DIP ( see the press release here). In the transaction, Everli was assisteby by Orrick and White & Case law firms.
This is Verlinvest’s first major Italian investment since Roberto Italia (former Italian managing partner of Cinven, one of the promoters of the various SPACs of the Space series and one of the promoters of Space Capital Club) joined last year as ceo. His arrival in Verlinvest was anticipated by Mr. italia itself on the occasion of his speech at the Milano Capital round table organized in May 2020 by MF Milano Finanza with the media partnership of BeBeez.
The one that has just closed is the largest round completed so far by Everli and follows 11 million euros one raised in February 2020 which had seen the entry into the shareholding structure of Cdp Venture Capital and the DIP Fund (see here a previous article by BeBeez). Two years earlier, in June 2018, another series B round had taken place, led by FITEC and the Endeavor Catalyst fund. Also 360 Capital Partners and Innogest sgr participated in that round (see here a previous article by BeBeez). In February 2017 Supermercato24 had raised a new round of investment of 320k euros from Club degli Investitori and the members of Italian Angels for Growth (see here a previous article by BeBeez). Rancilio Cube also participated in the same round. In July 2016 Supermercato24 then raised 3 million euros from the Innogest and 360 Capital Partners funds, both already present in the startup’s capital since the beginning of 2015, together with various business angels (see here a previous article by BeBeez). In January 2015 actually the scaleup had obtained a 155k euros seed loan from a large group of business angels who had valued the entire company at around 1.65 million euros (see here a previous article by BeBeez). A few days later the startup was awarded the 360k dollars seed investment offered by 360 Capital Partners in the second edition of the 360by360 Competition promoted by the venture capital fund led by Fausto Boni and also a first investment by Innogest sgr.
Supermercato24 was founded in Verona in 2014 by the chairman Enrico Pandian. Since 2016 the company has been led by Federico Sargenti, a former Amazon manager who launched the consumer goods business in Italy and Spain, and by a team of managers with international experience such as Google, Vodafone, EY and EDF. Last July Supermercato24 changed its name to Everli (see here a previous article by BeBeez) With Everli, consumers can choose the supermarket in which to buy, order products and receive them the same day through dedicated Everli shops. This service was of crucial importance to consumers during the pandemic, especially since Everli is the first operator to offer a same-day food delivery service in areas with a small / medium population density. These areas, previously little covered by online deliveries, can now benefit from a service that makes use of over 3,000 shops.
Since 2014 Everli has been a partner of some of the largest European supermarket chains (such as Lidl, Kaufland and Carrefour), which allow the company to have access to over 300,000 products and to distribute them in 70 European cities, in Italy, Poland and , more recently, in France and the Czech Republic. The service is active in 55 Italian provinces, 23 Polish cities, 3 Czech cities and one French city. With offices in Milan, Verona and Warsaw, the company has an international team of more than 200 people, more than 100 partnerships with retailers and the branded industry, and about 3 million orders delivered. In 2020, Everli’s global sales quadrupled, allowing the company to reach a turnover of 110 million euros. Since its launch, the company has continued to expand rapidly and its international presence now accounts for more than 20% of total orders.
The round just concluded will allow Everli to expand the Italian team (up to 100 new professional figures to be included within the next year), allowing a constant growth of skills in the various business areas that will continue in subsequent years, in order to support the business development. In Italy, in fact, in 2020 the company saw the number of new users acquired almost tripled compared to the previous year, with an increase in orders on an annual basis of about 200%.
Speaking of the latest round, Simone Sallustio, Verlinvest executive director, commented: “We have been actively investing in brands and services dedicated to consumers for over 25 years. Everli’s model, which combines technological excellence and data analytics with the retail expertise of its partners, has enabled the company to establish itself as a European leader in the e-grocery market, offering new perspectives in the digital to large-scale retail brands”.
Mr. Sargenti, ceo of Everli, explained: “The goal has always been to simplify the shopping experience. The last year has been challenging for consumers and the industry in general, which has made our goal more relevant than ever. But we are only at the beginning, since this sector will no longer be the same: the change towards online delivery is not reversible and the sector is confronted with growing expectations from all parties. We have built a model that creates value for consumers, through wide access to supermarkets and the most popular products, even in less urbanized areas, and offers retailers the opportunity to be competitive on online channels and reach a new target of consumers ” .
Mauro Pretolani, senior partner of the Italian Investment Fund sgr, concluded: “With the FITEC fund we have supported Everli in its growth and expansion abroad and we will continue to do so alongside new international lenders, with the aim of bringing it to European leadership in the sector “.