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KoRo has built a cult following by selling bulk better-for-you foods and trend-driven snacks, from protein bars and nut butters to ginger shots and matcha at fairer, more transparent prices. Founded in 2014, KoRo aims to shorten supply chains by cutting out the middlemen and sourcing products as close to their origin as possible. The result is a brand that resonates with a new generation of consumers seeking quality, transparency, and sustainability.
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Walk into any major supermarket or drugstore in Germany, and you’ll likely see KoRo products stacked prominently on the shelves.
Founded in 2014, KoRo is known for bypassing supply chain middlemen and selling bulk healthy foods — from dried fruit and nuts to breakfast cereals — at transparent prices. It also has its own line of healthy drinks and snacks such as protein bars, nut butters, juices and matcha powder that chime with the latest consumer trends.
KoRo’s vision is to shorten supply chains by skipping the wholesaler, and ideally sourcing products directly from their origin. This lowers transportation emissions, saves on repackaging and gives KoRo more insight into the whole value chain.
Over the last decade, KoRo has grown into a love-brand whose products speak to a generation of health-conscious consumers and are now stocked in over 15,000 stores across Europe.
The startup continuously finds new ways to shake things up. It recently launched KoRo cafes in Berlin, Paris and Milan, serving up plant-based dishes like overnight oats and sandwiches made from KoRo products.
“What I like about KoRo is that they were never a premium brand, but one that catered to a wide range of customers,” says Alexander Joël-Carbonnel, partner at HV Capital.
“The protein bars for example are not for extreme gym goers or bodybuilders, they’re for everyday people. Some people go to KoRo for their nut butters; others to bulk-buy things like walnuts at a cheaper price. The ideal customer profile is very broad.”
Walk into any major supermarket or drugstore in Germany, and you’ll likely see KoRo products stacked prominently on the shelves.
Founded in 2014, KoRo is known for bypassing supply chain middlemen and selling bulk healthy foods — from dried fruit and nuts to breakfast cereals — at transparent prices. It also has its own line of healthy drinks and snacks such as protein bars, nut butters, juices and matcha powder that chime with the latest consumer trends.
KoRo’s vision is to shorten supply chains by skipping the wholesaler, and ideally sourcing products directly from their origin. This lowers transportation emissions, saves on repackaging and gives KoRo more insight into the whole value chain.
Over the last decade, KoRo has grown into a love-brand whose products speak to a generation of health-conscious consumers and are now stocked in over 15,000 stores across Europe.
The startup continuously finds new ways to shake things up. It recently launched KoRo cafes in Berlin, Paris and Milan, serving up plant-based dishes like overnight oats and sandwiches made from KoRo products.
“What I like about KoRo is that they were never a premium brand, but one that catered to a wide range of customers,” says Alexander Joël-Carbonnel, partner at HV Capital.
“The protein bars for example are not for extreme gym goers or bodybuilders, they’re for everyday people. Some people go to KoRo for their nut butters; others to bulk-buy things like walnuts at a cheaper price. The ideal customer profile is very broad.”
Another interesting aspect of KoRo is its lean business model. Unlike traditional retailers, KoRo doesn’t own physical infrastructure, but instead uses established producers to create its products from recipes it develops in-house.
“What’s unique about KoRo is that it can take insights from the bulk-buy side of the business about what’s trending, and immediately turn them into products,” says Alex.
He recalls when, two years ago, there was a craze among consumers for pistachios. KoRo took that insight and launched a range of pistachio snacks — like the special-edition pistachio waffle, which it launched in collaboration with German footballer Mario Götze.
This was an aspect of the company that grabbed HV’s attention from the first time they met KoRo.
KoRo’s clever strategy of partnering with celebrities and other high-profile collaborators to co-develop products has also helped to build up brand recognition along the way. Aside from Götze, KoRo has launched products with judoka and Olympic athlete Teddy Riner, who is its official brand ambassador for France — and wheelchair fencer Bebe Vio, brand ambassador for Italy.
In a year where broader food retail grew just 1.1% in real terms, KoRo has continued to capture further market share, reaching €250m in annual revenue by 2025.
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“For HV, it was very important in the beginning that this is essentially a knowledge company where real value creation is made by intellect, not by production.”
Alexander Joël-Carbonell
Partner, HV
KoRo was founded by Constantinos (“Kosta”) Calios and Robert Schanz, with Piran Asci joining the team as a cofounder in 2014 and later becoming CEO.
The company started out selling bulk detergent directly to consumers online, but later shifted to bulk healthy foods after Kosta’s wife, a vegetarian, suggested they try selling bulk nuts and dates instead. These products outsold the detergent immediately, prompting the team to pivot.
HV first invested in KoRo in March 2022, but the relationship with the company runs deeper.
At the time of the investment, HV orchestrated a complex acquisition through which the dominant shareholder in KoRo sold its shares to HV, Five Seasons Ventures and Partech.
“HV essentially bought out an existing investor and put the shares into a VC compliant cap table that would enable the company to give management and employees shares to properly incentivise them. Then HV joined a few other co-investors and made it a true and investable VC case,” says Alex.
This laid the foundation for a long-term relationship, navigating challenges and celebrating wins. Today, Alex remains closely involved with the company.
“I’m the chairman of the advisory board, and I'm invited to their weddings. I held a speech on their ten-year anniversary. It’s really a friendship by now,” says Alex.
A key strength of KoRo's leadership was the founders' willingness to bring in experienced operators to lead the next phase of growth.
Kosta no longer deals with the day-to-day running of the business, but remains a chief something of a chief evangelist for KoRo.
“That’s often the most difficult thing; giving your baby away to someone else. But the founders acknowledged that there are sector experts that can bring the business further,” says Alex.
“It takes courage and confidence in your abilities to say, “Listen, I know what I know and I know what I don’t know. It was very big of him — and it’s rare for a founder to acknowledge that they may not be the best person to bring a business to an IPO.”
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