Cortilia, an Italian e-grocery scale-up, is looking at bringing on board new, smart-money investors, and could consider acquiring, CEO Andrea Colombo told Mergermarket. 

The new investment would help the company, which closed 2025 with revenues exceeding EUR 46m, reach profitability and expand its technology following its partnership with Amazon, Colombo said.

While the business has “a solid shareholding structure with strong support from current investors who are ready to provide the capital required” to pursue its business plan, it could need further capital injections to realise its innovation pipeline, he said.

Cortilia was established in 2012 by entrepreneur Marco Porcaro, and its backers include domestic companies including Renzo Rosso’s Red Circle, Indaco Venture Partners, Five Season Venture, Primo Venture and P101, per Mergermarket data.

The Milan-based firm is targeting full-year breakeven by 2027, a milestone it aims to reach through fresh investment in technology and operational infrastructure, Colombo said, adding that it expects to see months of positive EBITDA during 2026.

Cortilia could achieve breakeven at EUR 70m–EUR 80m turnover, a source familiar with the company said, and as reported by Italian trade publication MarkUp.

Colombo declined to specify the details of a potential raise, but said that the business is looking to bridge the gap between Cortilia’s premium branding and its increasingly sophisticated log-tech infrastructure. He expressed a specific interest in partners aligned with the company’s “brand distinctiveness and tech expertise.”

Once new investors are on board, the first move could be to explore offering Cortilia-branded products in other EU markets, particularly those that recognise Italian food excellence and have legal frameworks similar to Italy’s, he said.

The company has significant growth potential, the source said. Online grocery penetration in Italy and Spain it between 3% and 4%, it is 20% in the UK, and as high as 40% in London, Mark Up reported.

The business is taking an opportunistic approach to M&A, Colombo said, and would only consider deals that involve targets capable of enhancing assortment and efficiency. Specifically, it is targeting deals that can deliver improvements in logistics and product-range expansion, including a focus on pet food, personal care, and home care, while reducing unit costs through economies of scale, he said.

It develops almost all technology in-house but is carefully monitoring external opportunities, he added.

“Cortilia is the only pure e-grocery player operating on a national scale, and the acquisition of local players would not trigger operating efficiency,” he noted.

At present, Cortilia operates out of a single warehouse in Cassina de’ Pecchi, near Milan. Its business plan includes EUR 1.5m in investments for technology and equipment at the site, as well as capital to expand its private label, strengthening the Amazon partnership; and to develop new distribution channels, such as extended same-day ultra-fast delivery, according to the Mark Up report.

The company saw investments of EUR 4m in 2024, and some shareholders have since committed to further investments of up to EUR 2.5m, the report continued.

In parallel with implementing this business plan, Cortilia is refining its roadmap to a potential IPO, which it continues to view as a “long-term option”, Colombo said.

The immediate focus remains on the 2027 breakeven milestone, which would significantly bolster the company’s valuation before any potential public listing or further private equity entry, Colombo said.

Since its foundation the company raised EUR 54m through four fundraising rounds, as reported by Italy’s Network360.