According to an investor update obtained by TotalBulletin, Milan-based Everli’s investors have been forced to write down their entire investment in the company. They are selling the company for €1 to a buyer who is ready to take on the startup’s liabilities and invest in the company to save its operations. Everli’s financial position deteriorated in the second half of last year, forcing its board to explore either dissolving the firm or finding a rescue buyer, according to a Q4 2023 report distributed to insiders this week.
“”At a time when many firms are facing adverse market circumstances, we at Everli have been assessing possibilities for future growth. These conversations are ongoing and, as no fundraiser, sale, or transfer of shares has yet been finalised, there is no more information we can share at this point.”
Everli stated, responding to TotalBulletin request for comment
Everli has raised €140 million from major Italian funds, including United Ventures and 360 Capital. Other investors included Oatly supporter Verlinvest, DN Capital, and early backer Ithaca Investments, the Berlusconi family’s seed-stage investing arm.
It’s another example of how European grocery entrepreneurs have fallen from grace. Everli was dubbed one of Italy’s few ‘soonicorns’ after raising a $100 million Series C megaround in early 2021. It was valued at €469 million in this round, according to estimates.
According to ex-CEO Federico Sargenti, the company was launched in 2014, but demand increased during the pandemic.
Everli enabled consumers to place direct home delivery orders from supermarkets such as Carrefour, Lidl, and Conad through a network of freelance “personal shoppers”. It spread rapidly over continental Europe, including Italy, France, Poland, and the Czech Republic. Following its most recent fundraising campaign, it expanded into Germany and Romania in early 2022.
