Amsterdam's Crisp Raises €30M Series B Funding

Crisp Secures €30 Million in Series B Funding

Crisp, a digitally native supermarket based in Amsterdam and specializing in fresh produce, has successfully completed a €30 million Series B funding round. The investment was spearheaded by Target Global, with participation from Keen Venture Partners, alongside the co-founders of Adyen and Takeaway.com.

To date, Crisp’s total funding amounts to €42.5 million. These newly acquired funds will be strategically allocated towards expansion within the Netherlands, with future plans encompassing broader European markets.

Unique Selling Proposition and Operational Model

Crisp distinguishes itself by offering seasonal products sourced directly from over 600 small-scale, high-quality producers throughout the Netherlands, all at competitive prices.

Customers place orders via a dedicated smartphone application, benefiting from next-day delivery within a specified one-hour window. Furthermore, the company operates a fully electric delivery fleet, serving both urban centers and suburban areas, and is committed to a zero food waste policy.

Addressing a Gap in the European Grocery Market

The European grocery sector represents a substantial market valued at €2 trillion. However, smaller, high-quality producers often encounter difficulties in accessing consumers, facing obstacles created by established industry players.

Crisp is capitalizing on the increasing consumer shift towards online shopping and a growing preference for fresher food options.

CEO Insights on Crisp’s Approach

In an online interview, Tom Peeters, CEO and co-founder of Crisp, emphasized the company’s core differentiation: “We deliver both quality and convenience.”

He explained that Crisp prioritizes freshness, particularly in categories like fish, fruits, and vegetables, diverging from the traditional supermarket model focused on extended shelf life. Instead, they focus on establishing a streamlined supply chain, sourcing directly from producers and providing convenient delivery to customers.

Peeters clarified that while not offering 15-minute delivery, next-day service ensures optimal freshness. “Our typical customer is a young family,” he noted, adding that the average order consists of approximately 45 products.

Rather than stocking a wide range of brands, Crisp has onboarded a diverse selection of food producers, sourcing from over 600 different origins.

Market Opportunity and Financial Sustainability

Peeters highlighted the significant market potential, stating that the food market in the Netherlands is valued at €40 billion, while Germany’s is €200 billion, and Europe as a whole exceeds €2-3 trillion.

He believes that focusing on a select number of countries will allow Crisp to build a sustainable and profitable business, delivering value to both customers and producers.

Company Growth and Investor Perspective

Established in 2018 by Tom Peeters, Michiel Roodenburg, and Eric Klaassen, Crisp has rapidly emerged as one of the fastest-growing supermarkets in the Netherlands.

The company reported a seven-fold increase in sales in 2020, with over 85% of sales attributed to repeat customers.

Bao-Y van Cong, Investment Director at Target Global, based in Berlin, commented: “Crisp is developing a top-tier technology platform that benefits both consumers and producers.”

Van Cong observed that the food purchasing process has remained largely unchanged since the 1950s, resulting in inefficiencies regarding quality, affordability, and convenience. He further stated that Crisp reflects the evolving consumer relationship with food, and that the European grocery market is experiencing a rapid shift towards online shopping, accelerated by the recent pandemic, alongside a surge in demand for fresh, transparently sourced food.

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