Smileat closes a €1.8M investment round led by Creas
Original article by Manuel González for El Referente
Quadia, Tech Transfer Agrifood from Clave Capital, and the company's initial shareholders have also participated in the operation.
The capital injection will be used to consolidate Smileat's positioning as the leading Spanish brand in organic baby food and to further increase its market share. The company is planning to launch various innovative products in the third quarter of the year. Additionally, as part of its growth strategy, the company aims to consolidate its presence in its main markets, Spain and Portugal, and expand into other strategic international areas.
The addition of the three new partners - Creas, Quadia, and Tech Transfer Agrifood from Clave Capital - reinforces the company's strategy of placing sustainability and technology at the center of its business value equation and its commitment to being part of a network of business partners with the same vision: to generate a more sustainable society that focuses on a balance between social and ecological development. To complement this vision, Didier Surberbielle, former President of Nutrition and Sante and an expert in sustainable food, has also been added to the Board of Directors.
Smileat highlights that 2020 has been a very successful year in terms of sustainability, and after months of research and review of all packaging, they have completed a full conversion to sustainable, compostable, and/or recyclable packaging, making the company the first baby food company to achieve this.
BREAK EVEN
The company achieved financial breakeven in 2020, two years after a sustained growth following a capital increase of €700K. Smileat ended the year with a turnover of €3.2 million, representing a 14% growth in revenue compared to the previous year, despite the adverse context marked by the confinement and the financial crisis caused by the coronavirus.
"The capital increase from this funding round is the definitive boost to the project. We are very excited to enter a new phase of the business plan, consolidate our position as the leading national brand in Spain, grow our digital presence through our e-commerce, always be at the forefront of developing an innovative portfolio of new products, and gain market share in those strategic international areas defined in our roadmap," commented Alberto Jiménez San Mateo, co-CEO and co-founder of Smileat.
According to Lara Viada, Investment Director at Creas, "Smileat represents an opportunity to support a company that is leading a change towards more sustainable and healthier food, a key focus for Creas due to its environmental and social impact. We have known the founders since the beginning and we are convinced of their commitment and their ability to continue innovating and growing."
SUSTAINABLE ENTREPRENEURSHIP
Smileat was founded in 2015 by two entrepreneurs, Alberto Jiménez San Mateo and Javier Quintana, who turned their commitment to children's health and well-being into a new way of making baby food, revolutionizing the baby food segment in Spain. Six years later, the brand has seven product families: baby food jars, pouches, porridge, snacks and infusions, and more than 30 references.
The success of their recipes lies in high-quality products made from raw materials sourced from Spanish organic agriculture and livestock in proximity. Smileat products are low in sugar and salt, and they do not use thickeners, colorants, or added sugar or salt. Smileat products are easily found in any supermarket aisle.
"Being a digital-native brand, having a strong online presence, and an operational e-commerce before the lockdown provided significant benefits, increasing their online sales by 177% and the ability to connect with a new digital target audience that could continue feeding their babies without altering their feeding routines during the state of emergency," conclude the food startup.
Original article: https://elreferente.es/inversiones/foodtech-smileat-cierra-ronda-inversion-1m-liderada-creas/