everli Secures $100M Series C Funding - Online Grocery Marketplace

Everli Secures $100 Million in Series C Funding

Everli, a European online grocery marketplace originating in Italy, has successfully completed a $100 million Series C funding round. The company currently extends its services to Poland, the Czech Republic, and France.

Investment Details

Verlinvest spearheaded the investment round, with contributions from new investors including Luxor, DN Capital, C4 Ventures, and Convivialité Ventures. Existing investors FITEC (affiliated with Fondo Italiano d’Investimento), 360 Capital, Innogest, and DIP also participated in this funding cycle.

Plans for Expansion

Everli, initially known as Supermercato24, intends to utilize these newly acquired funds to accelerate its growth trajectory and broaden its international presence. The capital injection will facilitate further expansion into new markets.

How Everli Operates

Established in 2014, Everli enables customers to conveniently order groceries from local supermarkets for delivery. The company employs a gig economy model, utilizing personal shoppers who select ordered items directly from stores.

These shoppers then provide same-day delivery, with options for expedited one-hour service at an additional cost. Everli generates revenue through delivery fees charged to customers, as well as fees levied on partner merchants, and through advertising opportunities.

Market Reach and Growth

Everli has established itself as a delivery partner for several prominent European grocery brands, providing access to a catalog of over 300,000 products. The company operates across 70 cities.

Like other online grocery services, Everli experienced a significant surge in demand due to the pandemic and associated lockdowns, which accelerated the adoption of e-commerce and delivery services.

Differentiating Factors

“Everli is singularly focused on the grocery sector,” explains Federico Sargenti, CEO of Everli. “Unlike services concentrating on smaller orders or essential items, Everli caters to complete weekly shopping needs, offering same-day delivery and flexible one-hour delivery windows.”

Strong retailer relationships and the utilization of existing retail infrastructure are key differentiators for Everli. This approach allows for a wider geographical reach, including smaller and medium-density areas, while maintaining sustainable unit economics.

Comparison to Competitors

Sargenti positions Everli as more akin to Instacart than to other European delivery companies, particularly those utilizing dark stores or offering groceries as an adjunct to takeout services. “This is the reason we are leading the grocery space in Europe and partnering with brands like Lidl, Kaufland and Carrefour,” Sargenti adds.

Financial Performance

In 2020, Everli’s sales nearly quadrupled, reaching $130 million. A growing proportion of this growth is occurring outside of Italy, with international expansion now accounting for over 20% of all orders.

Future Outlook

“We are proud of the support we provided during challenging times, but our journey is just beginning,” states Sargenti. “The shift towards online grocery delivery is permanent, and expectations are continually rising.”

“We have developed a model that delivers exceptional value to both consumers, through broad access to preferred retailers and products, and to retailers, enabling affordable online competition and access to new customer segments.”

Investor Perspective

Simone Sallustio, executive director at Verlinvest, notes: “Everli’s combination of technological prowess, data analytics, and the grocery retail expertise of its partners uniquely positions it to become the leading e-grocery platform in Europe.”

“This synergy delivers an optimal experience for consumers, value for retail partners, and effective digital activation for brands.”