KoRo, the Berlin-based healthy snacks and dry goods brand, announced in November 2024 a €35 million Series C round led by US fund Coefficient Capital, with participation from existing investors. The company, which claims more than 2 million customers and distribution across 13,000 European retail outlets, will use the funds to strengthen its product innovation and accelerate its expansion into the French, Italian and Benelux markets.
A Series C that rewards profitability
The DTC brand founded in 2014 by Constantinos Calios, Piran Asci and Robert Schyska closed its funding round against a backdrop of tightening European financing. According to data from Maddyness, fundraising in French foodtech fell 38% in 2023 compared with 2022, and the segment continued to struggle in 2024. In this environment, KoRo's round stands out for its operational footing: the company posts profitable growth, now a near-systematic requirement for late-stage investors.
Coefficient Capital, a New York-based fund specializing in consumer brands with strong digital traction, has already invested in around twenty DTC brands including Olipop, Once Upon a Farm, and Magic Spoon. Its investment thesis favors brands with controlled acquisition costs and high customer retention—two metrics KoRo regularly communicates to the trade press.
The KoRo model: volumes, margins, retention
KoRo was built against the grain of traditional DTC brands. Rather than positioning its products as premium, the company bets on XXL packaging (1 kg bags or larger) and aggressive per-kilo pricing. Its catalog covers nearly 1,000 SKUs: dried fruits, nuts, energy bars, protein powders, mueslis, chocolates, and superfoods. This approach reduces logistics costs per order and extends the product's lifespan in the consumer's home.
According to figures released by the company, the average order value sits around €50 to €70—two to three times the European food e-commerce average. KoRo also claims a high repurchase rate, above 50% among customers who have placed at least two orders, which explains the interest from LTV/CAC-focused investors.
European expansion: France as the priority
Operating in 14 countries, KoRo has made continental Europe its priority growth market. France, where the brand has been selling via koro.fr since 2020, is already one of its top three markets after Germany. Italy and the Benelux countries have been identified as the next growth drivers.
The French healthy snacking market remains highly fragmented. According to a Xerfi study published in 2024, the nutrition-focused snack segment is growing at an average annual rate of 6 to 8%, driven by demand for products perceived as natural and functional. In this niche, KoRo faces direct competitors such as Bjorg (Ecotone group), Jardin Bio (Léa Nature), and DTC pure players like Nu3 (Germany) and Foodspring (acquired by Mars).
The concrete levers behind the Series C
- Product innovation: expanding the catalogue into functional beverages and breakfast products.
- Physical distribution: targeting an expansion from 13,000 to 25,000 points of sale by 2026, through partnerships with mass retail and specialty channels.
- Performance marketing: scaling up paid acquisition in France, Italy, and the Benelux region.
- Logistics: optimization of European warehouses to reduce delivery times and cross-border shipping costs.
A consolidating DTC sector
The European food DTC market is going through a consolidation phase. The brands that survived the post-2022 valuation corrections share three characteristics: an omnichannel presence (digital + retail), operational profitability, and geographic diversification. KoRo checks all three boxes. For comparison, its German competitor Nu3, acquired in 2018 by the BellRock Group, never achieved financial self-sufficiency and was restructured in 2023.
The challenge for DTC food brands in 2025-2026 is to solve an equation with multiple unknowns: controlling acquisition costs (rising steadily on Meta and Google), margin pressure from raw material inflation, and the need to expand distribution to reduce dependence on e-commerce. KoRo's Series C gives it 18 to 24 months of runway to execute this strategy, according to sector estimates from Les Echos.
What this means for the ecosystem
For French Tech, KoRo's strengthened presence in France illustrates the competitive pressure exerted by German foodtech players on the French market. Berlin remains the most dynamic European hub in the sector, with Hello Fresh, Just Spices and KoRo successfully exporting their models. French brands will need to accelerate their international expansion or risk being left behind.
For growth operators, KoRo is a textbook case in LTV optimization through product format (XXL volumes = high basket size + lower purchase frequency + low churn rate). A model that can be transposed to other DTC verticals. Our growth marketing expertise covers these topics of funnel structuring and LTV/CAC optimization.
FAQ
How much did KoRo raise in its Series C?
KoRo raised €35 million in its Series C, announced in late November 2024. The round was led by New York-based fund Coefficient Capital, with participation from existing investors.
Who is Coefficient Capital?
Coefficient Capital is an American venture capital fund specializing in consumer brands with strong digital traction. It has invested in around twenty DTC brands, including Olipop, Once Upon a Farm and Magic Spoon.
What are KoRo's priority markets after this raise?
KoRo is focusing its expansion on France, Italy and the Benelux countries. The brand is already present in 14 European countries, with Germany as its home market.
How many customers does KoRo claim?
KoRo claims more than 2 million customers and distribution in 13 000 European retail outlets, with a target of 25 000 retail outlets by 2026.
Who are KoRo's direct competitors in France?
In the healthy snacking segment in France, KoRo competes with brands such as Bjorg (Ecotone group), Jardin Bio (Léa Nature), as well as DTC pure players such as Nu3 and Foodspring (acquired by Mars).