The European grocery shopping market is expected to reach almost €2.3T by 2022, with a majority of retailers now moving into the online ordering space due to the acceleration of the pandemic. In a recent development, Amsterdam-based Crisp, an online-only supermarket, has raised €30M in its Series B round of funding.
With this round, Crisp has raised a total of €46M since launching in 2018.
Investors in this round
The round was led by European investor Target Global, joined by Keen Venture Partners. In addition, some of Europe’s top entrepreneurs also participated including founders of Adyen and Just Eat Takeaway.com, as well as Thomas Plantenga, Vinted CEO.
Berlin-based Target Global is an international investment firm with more than €1.3B in assets under management. With offices in London, Tel Aviv and Barcelona, the firm invests across multiple stages, backing fast-growing tech companies. Its portfolio includes companies like Auto1, Delivery Hero, Reef, Choco, Rapyd, TravelPerk, WeFox and Zego.
“Crisp reflects the changing relationship that consumers today have with food: the European market for grocery shopping is starting to move online rapidly, super-accelerated by the pandemic. At the same time, we see a massive surge in demand for fresh and transparently sourced food. I firmly believe that the rise of food and groceries shifting to online is here to stay,” comments Bao-Y van Cong, Investment Director at Target Global.
Keen Venture Partners, on the other hand, is an Amsterdam and London-based venture capital firm. It backs exceptional teams and fast-growing scaleups across Europe at the Series A and Series B stages. “It’s impressive how Crisp is enabling a radical shortening of the supply chain with distinctive, self-developed technology, to the benefit of customers and producers”, says Robert Verwaaijen, General Partner of Keen Venture Partners.
Recently voted as one of the “Coolest Dutch Brands”, Crisp was founded in 2018 by serial entrepreneurs Tom Peeters, Michiel Roodenburg, and Eric Klaassen, to help people eat better.
Crisp is an app-only supermarket for ultra-fresh food. The company’s service delivers groceries 7 days a week, and orders placed before 10 PM are delivered the next day. The marketplace stocks more than 2000 products from more than 650 farmers, growers, and makers and runs on proprietary software to enable zero inventory and negative working capital.
Currently, the company employs about 500 people who aim to work towards offers ultra-fresh, seasonal products sourced directly from local suppliers.
Use of the funds
The raised capital will enable Crisp will enlarge its 100 per cent electric vehicle fleet, expand its thoughtful assortment, and strengthen its network with high-quality, smaller producers for its customer base.
Growth and development
In less than three years, Crisp claims to have become the fastest growing online supermarket in the Netherlands, increasing sales 7 times in 2020.
The company has been profitable per customer order over the past year and can rely on a loyal customer base – as 85 per cent of sales last year came from repeat customers.
Tom Peeters, co-founder of Crisp says, “Our growth is about building a healthy company. Healthy in terms of our offering, which puts fresh and in-season food first, and healthy in the sense of operating responsibly. Our dreams are big when it comes to developing smart and sustainable technology, and we are backed up by a growing and incredibly dynamic team. The fact that we are once again meeting investors who share our beliefs and goals strengthens our mission.”