Netherlands-based online grocery retailer Picnic has secured €250m ($275m) in funding from investors including NPM Capital, a vehicle for trading group SHV Holdings, DutchNews reported on Wednesday.
The round included Hoyer, De Rijcke and Finci, which represent the Hoyberg, Kruidvat and Van der Wal families respectively, all three entities having joined NPM in a $108m round for Picnic in early 2017. Financial services firm ABN Amro put up €50m of the round in the form of a loan.
Founded in 2015, Picnic runs an online supermarket that sells food and household goods, delivering to customers in 125 cities across the Netherlands and Germany.
Picnic runs seven distribution hubs but the latest funding will support the development and construction of a larger, 42,000 square-metre distribution centre. The company expects it to support some 150,000 deliveries per week, it said in a press conference.
The cash was raised as Picnic fights a court case brought by a trade union arguing that it should pay its employees the minimum rate for a supermarket worker, whereas the company argues that its business does not come under that bracket.
