Dutch online grocery store Picnic has raised €430 million from existing investors and is ploughing much of the funding to grow its operations in Germany.
Picnic's existing investors include German supermarket giant Edeka, The Bill and Melinda Gates Foundation Trust, Dutch investment firm Hoyberg and Amsterdam-headquartered investment firm NPM Capital.
As well as bolstering its presence in Germany, where Picnic says it's the market leader, the funds will be used to expand into multiple unnamed markets, the company said.
The company was founded in the Netherlands in 2015 and delivers groceries from local distribution warehouses to customers using small electric vans.
Picnic, which launched in Germany in 2018 and France in 2021, says it now serves two million customers in 200 locations.
The new investment round is being officially announced this afternoon during the 120th anniversary celebrations of the German-Dutch Chamber of Commerce in The Hague.
Michiel Muller, Picnic co-founder, said: "The collaboration between software developers and operational staff from both countries demonstrates the excellent cross-border cooperation and the development of a European market leader in online grocery shopping."
Last year, Picnic raised €355 million in capital as part of plans to expand its presence in France and Germany.
In 2022, it raised €600 million in its Series D round.
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