QUITOQUE RAISES €4 MILLION TO FURTHER ACCELERATE ITS GROWTH MIRRORING THE SUCCESS OF HELLO FRESH AND BLUE APRON
Quitoque, France’s leader in meal-kit delivery has just announced the completion of a €4 million ($4.3 million) round from leading funds 360 Capital, ISAI, NCI. Following in the footsteps of Germany’s HelloFresh or America’s Blue Apron, this fast-growing company has already transformed the routines of grocery shopping and home cooking for tens of thousands of families. The success story of this French start-up proves that a growing number of consumers find themselves caught between the desire to eat healthier and the lack of time to make it happen.
Céline Nguyen, Etienne Boix and Grégoire Roty, three young and ambitious French entrepreneurs, realized that most French people felt confused and uninspired when shopping for food in supermarkets and ended up with the wrong products on their plates. Quitoque started offering its weekly meal-kits in September 2014, and has witnessed an exponential growth ever since. The firm now delivers 100,000 meal-kits per week, an impressive 10 times January 2016 figures. The company has also grown from merely 3 employees to 50 over the past 18 months. Earlier this year Quitoque launched its first TV advertisement to broaden its brand awareness. “Our success is built on flawless transparency and perfect quality of service, which are an integral part of our value-add and growth-strength”, explains Grégoire Roty, co-founder and Marketing Director.
Available across all of France, Quitoque positions itself as a new player in mass food distribution, and is now equipped with the adequate resources to match its ultimate ambition: to replace daily shopping for millions of families! The firm will invest the €4 million to drive its subscription growth and brand reputation. “We will continue improving our highly innovative technology and logistics. This will sustain our strong anticipated growth and allow us to build a reliable and cost-effective supply chain. “We have reinvented the mass food distribution supply chain”, says Etienne Boix, co-founder and Operations Director. Moreover, the service will be further enhanced to match our evolving client needs offering an increasing selection of products in an efficient and scalable way.
Following the first-round funding of €1,5 million in early 2016, these 4€ million are adequately planned to sustain Quitoque objectives as it enters its next chapter. “Quitoque’s model is extremely successful. Quitoque subscribers enjoy discovering a variety of healthy recipes, while eating quality products delivered at home for the best possible price. We are thrilled to support the spread of this new food consumption trend”, explains Jean-David Chamboredon, CEO of ISAI.
Quitoque is the French leader for meal-kit delivery. The three start-up co-founders are committed to enabling French families to eat good food easily every day. Every week, Quitoque subscribers receive a box containing all the ingredients necessary to cook up to 5 meals. The products are carefully selected for their freshness and quality. The recipes are created by the Chef Céline Nguyen to be easy, original and well-balanced. The delivery is cost-free and available everywhere in France. Quitoque is growing fast and aims at replacing daily shopping.
About 360 Capital Partners
360 Capital Partners is an investment firm focused on multi-stage venture capital, growing companies from seed stage to exit. The firm currently has 300M€ total funds under management, and invests in France, Italy and across Europe from its offices in Paris, Milan, London and Berlin.
Launched in 2010, ISAI is “the” French tech entrepreneurs’ fund gathering more than 200 entrepreneurs across the world. Almost 150 successful entrepreneurs, who have invested in ISAI, and more than 50 startup cofounders supported by ISAI share the collective ambition to write great entrepreneurial stories.
ISAI invests in differentiated projects founded by ambitious teams that it rigorously selects and actively supports. ISAI means "different & remarkable" in Japanese.
ISAI likes digital business models with a progressive capital intensity: marketplaces, adtech/martech, SaaS/big data/AI...
With €160M under management, ISAI Gestion, authorized by French regulator AMF, can fund and support high potential companies at early stages (venture capital, €150k to €2M initial ticket with ability to follow on) or at more mature stages (growth equity, €1M to €15M investments).
NCI is an investment company operating in Normandy and in Ile de France. For more than 15 years, NCI has been investing skilled resources and equity capital in the creation, the development and the transfer of companies.
With a double-digit growth track record, and about €200M under management (entrusted by public and private institutional investors), NCI strives to create sustainable value within its portfolio companies by reconciling finance, economic development and social welfare.
For more details: http://www.n-ci.com
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