German healthy snack brand KoRo has raised €35 million in an oversubscribed Series C round led by Coefficient Capital. Existing investors such as Five Seasons Ventures, HV Capital, Partech, Haub Legacy, and SevenVentures also participated.
KoRo will use the funding to continue its current growth strategy, expanding its product range and strong presence in the European market. In particular, the brand will focus on France, Italy, and the Benelux region, as current sales trends indicate significant growth potential.
KoRo has already seen some success in these markets in 2024, gaining a listing at the Netherlands’ largest retailer Albert Heijn, and recruiting Olympic gold medalist Teddy Riner as a brand ambassador in France.
“Pioneering role”
Following a period of significant growth, KoRo now has two million customers across Europe and expects sales growth of over 50% for 2024. The company was recently named the strongest startup in Germany by brand services provider Jung von Matt; it also received B Corp certification earlier in 2024.
“We are very happy to have Coefficient Capital on board and thank our existing investors who continue to support KoRo’s mission to revolutionize the snacking industry and to take a pioneering role as an innovative and transparent provider in the food sector,” says Florian Schwenkert, CEO of KoRo.
“Thanks in part to the excellent work of our team, we are well on our way to building an omnichannel brand with a pan-European presence. Many exciting projects and partnerships are already planned for the coming year – there is still a lot more exciting news to come from KoRo.”
“Powerful flywheel effect”
KoRo is known for offering non-perishable goods and superfoods in bulk, including clean-label snacks, nut butters, breakfast products, and functional foods. The brand has successfully bucked the downward sales trend in German e-commerce, and previously raised €70 million in Series B funding.
In June, Toni Petersson — former CEO and current co-chairman of the Board of Directors of Oatly — joined KoRo’s Advisory Board to lead the brand into its next phase of growth. Notably, Coefficient Capital, the main investor in KoRo’s Series C round, also previously made an early investment in Oatly.
“KoRo’s omnichannel model is one of the most impressive I’ve seen in the industry to date,” said Petersson. “By seamlessly connecting online and offline experiences, a powerful flywheel effect is created that drives brand visibility, customer loyalty, and long-term growth. This unique approach and KoRo’s ability to reach consumers at exactly the right moment is key to the company’s success. I am happy to be a part of it.”
