Iris Ventures Leads Investment Into Top Spanish Food Delivery Start-up, Vicio
LONDON — Iris Ventures has teamed with footballers Lionel Messi and Antoine Griezmann on a multimillion euros investment in Vicio, a top food-delivery start-up based in Spain that sells premium burgers online, and through its own physical locations.
Iris Ventures is a growth equity fund targeting European and U.S. “purpose-led consumer-centric brands and tech-enabled solutions that provide for healthier, happier and easier lives.”
More from WWD
Over the past 18 months, Iris Ventures has invested in community-based lifestyle businesses such as Allyson Felix’s Saysh footwear brand and Artemest, a curated platform that sells homeware made by Italian artisans.
On Tuesday, Iris said it led a Series A funding round of 17 million euros with support from Messi’s and Griezmann’s investment vehicles, and from Javier Rubió’s firm Barlon Capital.
Vicio is a digitally led business founded by Aleix Puig and Oriol de Pablo, who serve as co-chief executive officers. It was established in Barcelona at the end of 2020, during the pandemic. Iris said Vicio became a leader in the premium burger segment on the Glovo app almost since its launch.
Puig was a winner on the Spanish TV show “MasterChef” in 2019 and founded the company a year later, focusing on premium ingredients, proprietary technology and disruptive branding.
The company employs more than 430 people. It opened its first physical site in Madrid in 2022, and has set out an expansion plan that will see it open in Spain’s major cities in the first half.
Vicio sources local and non-genetically modified ingredients, the food is cooked to order, and some 25 percent of the menu is vegetarian. It has become a nationally recognized brand “with a growing community of passionate customers, drawn to the brand’s high-quality offering and relatable personality,” according to Iris.
The company’s vision is to be “as ubiquitous as traditional fast food, while being transparent and delivering the higher-quality consumers increasingly expect,” Iris added.
Vicio has 15 locations in Madrid, Barcelona and the surrounding area, and has sold more than 2 million burgers. It will also use the funds to invest in hiring new talent, improve processes and technology, and perfect the product.
Montse Suarez, founder and managing partner of Iris Ventures, said: “We are very excited to accompany such passionate founders in their vision to shake up the Spanish fast-food market with an innovative concept, betting on a premium product, the digitization of service and the power of Vicio, a culturally relevant brand, with a personality that connects and unites its community.”
Aleix Puig said the investment will provide the company “with an injection of energy. The entry of new investors of recognized prestige not only validates our approach and business model, but also allows Vicio to take a leap forward and position itself as one of the leading players in the sector.”
The company, which employs more than 430 people, closed 2022 with a turnover of 20 million euros, a fivefold increase compared to the previous year, according to Iris. Annual growth is running at more than 100 percent.
Best of WWD
