Dutch online-only supermarkt Picnic has almost tripled its turnover in 2018, while at the same time reducing its net loss. With recently raised new capital, the company is looking for further growth in the near future.
The Dutch company, that has also expanded to neighbouring cities in Germany, raised its turnover from 44.4?million euros to 117?million. It is still a long way off from reaching the break-even point, but did manage to lower its net losses from 41.6?million euros to 36.7?million, nu.nl reports, despite a series of investments to accommodate its stellar growth. The number of employees more than doubled (from 155 to 351), new electric delivery vans were purchased and the German activities expanded.
This year Picnic raised 250?million in capital for even more expansions: four wealthy Dutch families, who had already invested 100?million in 2017, now stepped in for another 200?million; the rest is a loan at the ABN Amro bank. With its new resources, the company wants to build a state-of-the-art distribution centre in Utrecht: after sorting, packing and sending orders are automised in the new centre, Picnic will be able to lower its labour costs significantly.