KoRo, a Germany-based better-for-you snacks and nut butter maker, has secured a top up to a Series C funding round from private-equity firm Kharis Capital.
Brussels, Belgium-headquartered Kharis Capital has provided €5m ($5.2m) in an extension to the Series C, which takes total funding from the round to €40m, KoRo CEO Florian Schwenkert confirmed with Just Food.
The business has now received overall financing to date of €115m, Schwenkert added.
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Kharis Capital said in a statement it had invested in the Berlin-based company through its Kharis Food Tech Fund.
The fresh capital will be used to accelerate KoRo’s expansion in France, Italy and the Benelux region, while also strengthening its “omni-channel presence”, Schwenkert said.
In an interview with Just Food in December, KoRo CFO Daniel Kundt hinted at potential future growth into the UK and, eventually, the US.
KoRo, which started as a supplier of nuts and dried fruits, opted for a single additional investor in the Series C extension, focusing on “strategic value rather than further fundraising”, Schwenkert said.
The company’s product range includes snack bars, nut butters, dried fruit, clean-label snacks, and ‘functional’ foods.
As part of the investment, Kharis Capital partner Eric Melloul will join KoRo as a board “observer”, Schwenkert added.
In December, KoRo CFO Kundt confirmed Toni Petersson, the former CEO of Oatly, had also been recruited as an advisory board member.
Melloul, who has previous experience as chairman of US-based oat-milk business Oatly and as an advisory board member at Tony’s Chocolonely, “brings invaluable expertise in scaling food brands across Europe”, Schwenkert said.
The Series C round, announced in November, was led by New York-based Coefficient Capital and included Five Seasons Ventures, HV Capital, Partech, Haub Legacy, and SevenVentures, among other investors.
Founded in 2014, initially supplying product online, KoRo has grown its customer base to over two million across Europe and expanded to more than 13,000 retail locations, Kharis Capital said in its statement.
Kharis Capital Partner Laurent Vermer said: “KoRo’s innovative approach to healthy snacking and their impressive growth trajectory makes them an ideal partner for us. We are excited to support their mission to revolutionise the snacking industry.”
