France-based home-cooked meal delivery service Frichti has secured €12m ($13.6m) in a series A round featuring corporate-backed private equity firm Idinvest Partners, Le Figaro reported yesterday.
The round also included Alven Capital, the venture capital firm that provided €1m in seed funding for Frichti in November 2015, and assorted angel investors.
Founded in 2015, Frichti lets users in Paris order cheap home-cooked dishes, drinks and snacks which are delivered cold within 40 minutes and reheated at home by the consumer. Frichti sources its food directly from the producers, keeping its dishes seasonal to reduce costs.
The money will go towards extending the opening hours of Frichti’s kitchen, which is currently open between 10:30am and 3pm, and between 6pm and 11:30pm. The company will also expand into other French cities and plans to recruit an additional 100 employees by the summer.
Idinvest’s limited partners include insurance group Allianz and networking equipment maker Cisco.