21 Jul Picnic announced securing funding of EUR 100 million
Picnic entered into an agreement to raise €100M from NPM Capital, De Hoge Dennen, Hoyberg and Finci. The funding will allow the company to accelerate further growth.
Axeco Corporate Finance is pleased to have advised Picnic
Online supermarket Picnic is receiving 100 million euros of additional capital from four Dutch private equity firms in order to facilitate its further growth. The online supermarket officially announced the investment on 28 March 2017. Picnic has grown at an explosive pace since it was launched eighteen months ago.
Picnic operates in Dutch cities including Utrecht, Amersfoort and Almere. It recently announced that it will soon also begin serving Delft, Leidschendam, Voorburg, Nootdorp, Ede and Veenendaal. More than 30,000 Dutch households have now done their grocery shopping at the online supermarket. The cheerful and brightly coloured electric minivans have now become a familiar part of the streetscape. The use of these electric vehicles means Picnic’s huge growth does not have any negative impact on the environment. Picnic customers have been involved in the development of the concept and the range since day one. Picnic has proven to be appealing to all households because it offers the lowest prices and free delivery.
In addition to NPM Capital, private equity firms De Hoge Dennen, Hoyberg and Finci are participating in the investment. The joint investment will enable Picnic to realise its ambitious growth plans.
Before the launch in late 2015, Picnic worked for three years in secret with a team of 30 specialists to develop a sustainable online supermarket without any unnecessary intermediary links. The customer chooses the delivery run that is most convenient for them and can track the exact delivery time down to the minute on the Picnic grocery shopping radar. The costs of this new distribution model are so low that the delivery is free and the groceries are available at the lowest prices.
Picnic is an initiative of a team of Dutch entrepreneurs: Online entrepreneurs Joris Beckers and Frederik Nieuwenhuys were the owners of Fredhopper, the personalisation software developer for webshops. Serial entrepreneur Michiel Muller was an initiator of the Tango petrol stations and ANWB (Royal Dutch Touring Club) competitor Route Mobiel and entrepreneur Bouke van der Wal is the owner of Boni supermarkets. Retail entrepreneur Gerard Scheij recently joined the team.