Bella & Bona raises $3 million in pre series A round led by Plug and Play, Rovagnati and Ambrosi.
Munich, Germany - January 20th, 2020. Bella & Bona (“B&B” or the “Company”), the business to business online canteen, announces a new funding round of $3 million. Plug and Play is the lead investor, with additional funding from Rovagnati, Ambrosi, angel investor Giacomo Perotta and other investors with strong entrepreneurial background (former or current Mckinsey, BCG, JP Morgan, Goldman Sachs, Rocket Internet, Foodora). This round follows record growth in 2019, with revenues reaching $1 million ARR eleven months from the commercial launch, tripled headcount and acquired more than 50 corporate customers including Siemens, Mindspace and Mates.
Bella & Bona is an online corporate canteen that offers a selection of high quality, healthy and freshly prepared meals, delivered to corporate offices at an affordable price. Thanks to its scalable dark kitchen operations and its investments in data and technology automation, Bella & Bona aims to consistently deliver high quality food, optimize nutritional values, minimize delays and operate at higher contribution margins compared to standard B2C delivery services. In less than 12 months, B&B has delivered more than 50,000 meals to more than 10,000 satisfied employees, considerably reducing waste and CO2 emissions as a result of its aggregated delivery, streamlined production system, eco-friendly packaging, and lower food waste.
This financing round allows B&B to accelerate its rapid growth, enabling significant expansion across the DACH region. In 2020, Bella & Bona is set to add a number of locations throughout Germany, including Frankfurt and Berlin. The Company will further invest in technology, robotic process automation and predictive analytics to increase its dark kitchens efficiency, better predict customers’ needs and improve the user experience across its website and apps.
George Damouny, Partner at Plug and Play Ventures, commented: “We at Plug and Play were very impressed with the dedication and passion of Bella & Bona’s outstanding team, high growth rate of their business, and clear path to profitability. Investing in Bella & Bona was a great opportunity for us to expand our food portfolio in Europe, and we are thrilled to continue to support them on their path to becoming a huge success”
Gabriele Rusconi, Managing Director at Rovagnati, said: “In Rovagnati we carefully select and invest in strong innovative start-ups that report a proven successful track record, with clear market positioning and focus on the “made in Italy” uniqueness. Bella&Bona is quickly creating a sustainable business through a new route-to-market, showing high performance, high commitment and thus a clear path to profitability. Thanks to Bella&Bona’s exceptional service, we’ll be able to exploit today’s digital potential to reach a fast-growing number of consumers and expand our presence in the online foodservice channel. We will be delighted to help and be part of this project which is going to serve a new blue ocean market, potentially well beyond the existing boundaries.”
Giuseppe Ambrosi, President of Ambrosi Group, added: “At Ambrosi we are constantly seeking opportunities to tackle our key markets in different ways; and being that Bella & Bona also focuses a lot of attention on the quality of their meals and building strong relationships with its suppliers, we believe that it can be a worthy, fruitful partner. We know that it will push our brand in an effective manner, but most of all, Bella & Bona will allow us to tap into the new wave of the catering and food service sector with a first-to-market advantage”
Niccolo Lapini, CEO and Co-Founder of B&B, said: “This is an exciting time for Bella & Bona and a pivotal moment as we prepare to launch our service in more cities across Germany, Austria and Switzerland. We continue to relentlessly execute on our strategy and aim to become the largest B2B digital canteen in the region. This is a $13 billion opportunity in Germany alone, but the historical level of service has been incredibly low. We strongly believe that focusing on B2B and investing in technology, automation and scale across the entire value chain can dramatically improve customer satisfaction, health and convenience, while having a positive impact on the environment and creating a business with strong margins and unit economics. This new round of financing and the partnership with Plug and Play, Rovagnati and Ambrosi are important milestones for the future of the Company.”
About Bella & Bona
Bella & Bona, www.bellabona.com, is an online canteen that offers a selection of high quality, healthy and freshly prepared meals, delivered straight to corporate offices at an affordable price. Bella & Bona was co-founded by Niccolò Lapini, Matteo Cricco (as managers - respectively CEO and CFO) and Niccolò Ferragamo (as investor - providing the company with the initial angel funding) in 2018.