Online supermarket Picnic attracted 100 million euro from four investment funds owned by rich Dutch families. The money will go towards the company’s expansion efforts.
Local coverage
The four investment companies (NPM Capital, de Hoge Dennen, Hoyberg and Finci) belong to the Fentener family from Vlissingen, the Hoyer family and the families who own Boni and Kruidvat.
Picnic wants to use the funds to further expand the service in the Netherlands, with new distribution centers and delivery hubs. This could lead to 10,000 new jobs, according to co-founder Joris Beckers.
The company wants to get national coverage, but needs up to 300 million euro to enable its expansion. Next month, it will open stores in seven new cities and only opened its second Dutch distribution center in Utrecht recently.
For the first time, it expects a profit this year, despite the fact it still delivers groceries for free. According to co-founder Michiel Muller, it can do that because Picnic cuts costs a lot in other areas.
