KoRo, a Germany-based manufacturer specializing in better-for-you snacks and nut butters, has successfully secured a top-up to its Series C funding round from private-equity firm Kharis Capital.
Kharis Capital, headquartered in Brussels, has announced an investment of €5 million ($5.2 million) as an extension to the Series C round. Consequently, the total funding amount for this round has now reached €40 million, as confirmed by KoRo CEO Florian Schwenkert in a statement.
With this latest investment, KoRo’s total financing has reached €115 million to date, Schwenkert further stated.
Kharis Capital shared that it invested in the Berlin-based company through its Kharis Food Tech Fund.
Schwenkert elaborated that the new capital will facilitate KoRo’s expansion in France, Italy, and the Benelux region, while also enhancing its “omni-channel presence.”
Originally, KoRo started as a supplier of nuts and dried fruits. In this Series C extension, the company opted for a single additional investor, emphasizing “strategic value rather than further fundraising,” Schwenkert explained.
KoRo’s impressive product range includes snack bars, nut butters, dried fruits, clean-label snacks, and ‘functional’ foods.
As part of this investment, Kharis Capital partner Eric Melloul will join KoRo as a board “observer,” Schwenkert added.
In December, KoRo CFO Kundt also confirmed the recruitment of Toni Petersson, the former CEO of Oatly, as an advisory board member.
Melloul, having experience as chairman of US-based oat-milk company Oatly and as an advisory board member at Tony’s Chocolonely, “brings invaluable expertise in scaling food brands across Europe,” according to Schwenkert.
The Series C round, announced in November, received leadership from New York-based Coefficient Capital, with participation from Five Seasons Ventures, HV Capital, Partech, Haub Legacy, and SevenVentures, among others.
Since its inception in 2014, KoRo has evolved from an online supplier to serving over two million customers across Europe, now expanded to over 13,000 retail locations, as stated by Kharis Capital.
Kharis Capital Partner Laurent Vermer commented: “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.”
