Business angels invest a six-digit figure in Olixir

After ten years as a brand director at Procter & Gamble and Coty, Sergio Panzarella established Food for Health (FFH) in 20219, with Olixir® an organic extra-virgin olive oil with a superior level of freshness, heart-protective polyphenols, fruitiness, and taste. It is made from a secret combination of three olive varieties. Besides the olive oil, Olixir also offers a range of organic olives and olive oil pressed with Sicilian lemons.

FFH is vertically integrated, controlling all steps in the value chain, from field to sales, to maximize taste, aromas, and health-boosting micronutrients. “Our goal is to address the paradoxical and widely accepted practice in the market, where olive oils from the new harvest are not made available on shelves until the second semester of the following year, causing them to lose a significant amount of their freshness and quality. This practice deprives consumers of the pleasure and health benefits of fresh, high-quality extra virgin olive oil. Low shelf rotations, ineffective stock management, lack of transparency and limited consumer education are some of the key reasons behind this problem. Our strategic approach addresses these challenges and provides consumers with a superior quality extra virgin olive oil that lives up to its name”, said Panzarella, Founder & CEO of Food for Health.

The Olixir® brand is currently available at select retail partners like Manor, Kiss the Ground, and Organy. Several prestigious chefs at even three 1-star Michelin restaurants trust the brand. In addition to its olive oil, FFH plans to apply the same model to other natural packaged food verticals.

The company has now raised CHF 110k in a pre-seed funding round with five angel investors, including Twenty-Three Capital GmbH, Nico-Hribernik (Wellster Health-tech Group, Twenty-Three Capital GmbH), Jaime-Martin (Edrington), Cristian Mazzoleni (Kiko) and others. The funds will enable FFH to expand its team and grow its business in the Swiss and international markets.

Revenue and breakeven after only three years
Initially, Panzarella bootstrapped the startup’s launch with a $150k personal investment. Within a year of launching, the company had reached six digits in revenue. In 2022, FFH accelerated its growth in Switzerland by launching at Manor, where it now counts among the top three brands. The company has already reached its break-even point.

“We are excited that we won strong and reputable investors for further business growth. It shows our mission and the underlying value proposition are relevant and value-creating”, adds Panzarella.

(Press release/RAN)