European Instacart raises US$100m

Date : 08 April 2021

Rachel Sibson

Retail Analyst

On-demand grocery shopping platform Everli, based in Milan, has raised $100m in a Series C funding round.

International growth plans

Everli was founded in 2014 and has been named as the European Instacart due to similarities in its business model. It is an online marketplace where users can order products from various retailers for same-day delivery. The orders are picked in store and delivered by dedicated Everli ‘Shoppers’. This is a contrast to the business model of the pure play rapid delivery startups, operating from dark stores, that have been emerging across Europe in recent months, such as Gorillas and Dija.

Everli currently serves more than 70 cities across Europe in Italy, Poland, Czech Republic and France. It has partnerships with grocery retailers including Lidl, Kaufland and Carrefour. In 2020, Everli’s sales almost quadrupled to $130m due to the shift to online shopping as a result of the pandemic.

The new funding is the company’s largest to date and was led by Verlinvest with investments from new investors such as Luxor, DN Capital, C4 Ventures, and Convivialité Ventures. Existing investors also participated including FITEC (part of Fondo Italiano d’Investimento), 360 Capital, Innogest and DIP. The investment will be used to accelerate Everli’s growth plans and expand its footprint internationally.

Federico Sargenti, CEO at Everli, said: “We have built a model which we believe offers unparalleled value to consumers, through wide access to the retailers and products they love, even in less urban areas, and to retailers, who are now able to affordably compete online and reach a whole new consumer base.”

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