Orapesce, a digital platform for the purchase and home delivery of fresh fish, has raised $706,000 (€600,000) from ALIcrowd, the first venture capital Eltif that also uses crowdfunding to search for companies to be invested in, launched by Azimut Investments SA and managed under delegation by Azimut Libera Impresa sgr.
Azimut’s Eltif investment in Orapesce took place as part of the company’s second equity crowdfunding campaign on Mamacrowd, which is still in progress. The campaign, a few days after its opening, has already exceeded the minimum collection target $706,000 (€600,000), collecting $925,600 (€786,000). The company, with a pre-money valuation of $7 million (€6 million), is now aiming to raise with equity crowdfunding a maximum of $1.77 million (€1.5 million)
Orapesce had launched another equity crowdfunding campaign on Mamacrowd in June 2020, which ended up raising $471,000 (€400,000), also beating the maximum target of $294,000 (€250,000). The startup had previously collected $137,700 (€117,000) from investors in two rounds: one in December 2018 $41,200 (€35,000) and the other $96,600 (€82,000) in September 2019.
Orapesce was launched in March 2018 by Giacomo Bedetti and Alberto Mazza, along with an executive MBA class from MIP Politecnico di Milano, with whom he designed the company’s business model. Bedetti has 20 years of experience as a consultant at Accenture, head of organization and cost management at Unicredit Credit Management, head of SVP Service Management at doValue, and now head of Master Servicing at Italfondiario. Mazza, a graduate of the Milan Polytechnic, has experience in the field of strategy and creative direction, as well as in consulting in the field of digital development and visual communication.
Orapesce allows people to buy fresh fish online already cleaned and receive it at home throughout Italy, 3 days a week. The company closed 2020 with a turnover of over $765,500 (€650,000), more than 4,500 customers (and almost 13,000 deliveries), more than 20,000 followers on the main social media, and traffic on its e-commerce up to 90,000 monthly sessions. Driven by a highly attractive market, it aims to reach a turnover exceeding $1.18 million (€1 million) in 2021 and $10.6 million (€9 million) in 2023.
The funds raised through equity crowdfunding will be used for the launch of the “ready to eat” line and the acquisition of new customers; for the construction of a new e-commerce platform and the activation of a warehouse management platform integrated with e-commerce; the strengthening of internal digital skills; finally, the creation of a production team for the direct packaging of fish and the optimization and strengthening of logistics in target cities.
Eltif ALICrowd, launched last March, has a duration of 8 years and an endowment of $29.4 million (€25 million)
The vehicle can support companies in crowdfunding with an average investment of $590,000 (€500,000) on each selected company and can be subscribed through Azimut’s network of 1,800 financial advisors. The minimum investment threshold is $18,000 (€10,000). Eltif enjoys the tax benefits available to investments in start-ups and innovative SMEs (up to 50% tax deduction), in addition to all the benefits reserved for alternative Pir.
The partnership between Azimut and SiamoSoci (manager of the Mamacrowd portal and 25% owned by the Azimut Group itself), provides that ALIcrowd will use the crowdfunding portal to search for companies to be invested in thanks to the campaign (call for action) for startups and innovative SMEs “Mama Fund & Crowd”. Last June Eltif co-invested one million euros in the equity crowdfunding campaign on Mamacrowd of the Italian footwear startup Fessura, which is still ongoing.
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