Dutch online grocer Picnic raises $706m from investors, Gates Foundation

Picnic, an online grocery service based in the Netherlands, has raised $706m in funding to speed its expansion, the company said on Thursday.

Picnic, which was founded in 2015, has grown quickly in the Netherlands and is expanding in Germany and to France.

It said investors behind the latest fund raising included The Bill and Melinda Gates Foundation Trust.

Free Webinar: The Primary Step in Creating Value: How the Right Corporate Governance Can Drive Growth

Learn More
  • To what extend can the relationship between the GP and board impact the company?
  • How can GPs ensure trickle down change in organisations?
  • How can technology help bridge the gap between GPs and management boards?

Orders made via Picnic’s service are delivered straight from distribution hubs to customers’ front doors at an appointed time by small electric vans.

Picnic said in a statement it expected to have “about 1 billion euros in run rate sales by the end” of 2021.

Dutch Chamber of Commerce records show the company reported a loss of 41 million euros on sales of 210 million euros in 2019, the most recent filing available.

A spokesperson for the company said it now operated its service in around 200 cities.

Source: Reuters

Can’t stop reading? Read more