Babaco market, the fruit and vegetable delivery service that also wants to fight food waste, has closed a new 6.3 million euro series A financing round. Leading the United Ventures operation, with the participation of FaceIt founder Niccolò Maisto and existing partners: Cdp venture capital (through the Accelerator Fund), Seven investments, Feel venture, Doorway, Startupbootcamp foodtech, Boost heroes, Plug and play, NextUp and LVenture. Founded in 2020 by Francesco Giberti (also CEO), the company has raised funding for a total of 8.1 million. The company closed 2021 with 35,000 boxes delivered and 800,000 euros in turnover. In 2022 it doubled the numbers and made it possible to recover 700 tons of food. “This new round of financing – underlined Giberti – allows us to think even bigger, looking with confidence to an upcoming internationalization of the service”.
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What does he do
Babaco Market was born as a response to two consumer needs that have accelerated due to the health emergency due to Covid-19: the growth of online shopping services and the increased awareness of the importance of more sustainable consumption. On the one hand, the company collaborates with over 100 producers and is active in Lombardy, Emilia Romagna, Veneto and Piedmont (500 municipalities served), on the other it is part of the food distribution chain, with the aim of actively combating food waste . How? Recovering products with aesthetic imperfections and overproduction that are struggling to find a commercial outlet through traditional distribution channels.
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“Babaco market – underlined Massimiliano Magrini, managing partner of United ventures – stands at the intersection of various irrevocable and urgent trends, having as distinctive factors a team equipped with operational skill and deep knowledge of the market, an optimal customer experience, a data-driven strategy, and the ability to attract talent through a strong corporate culture. In our opinion, these are the key factors that will allow the company to gain a strong position in Europe in the online grocery market”. For Stefano Molino, senior partner of the Cdp venture capital accelerator fund, “Babaco intercepts the fundamental needs of the market by combining an effective and convenient service with a strong focus on environmental sustainability issues which will be increasingly decisive in the years to come”.
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