Picsmart AB (“Picsmart”), which delivers fossil-free food directly from local stores to consumers and businesses, has completed a new share issue of approximately SEK 25 million, bringing the total amount raised to approximately SEK 40 million in the first half of 2022.
At a time when many investors have slowed down and capital rounds have become more difficult to complete, Picsmart has recently closed its second round of the year.
“We continue to grow according to plan, even after the pandemic. Our focus is now on profitability, which is attractive to our existing and new investors,” said Christopher Heybroek, founder and CEO of Picsmart. “Our business model is based on partnerships with local merchants who make their assortment available on our platform, we are not burdened with high fixed costs and the target for the financial year is profitability”, Christopher continues.
Picsmart was founded in Stockholm in 2019 with the aim of making online food local, more efficient and climate-smart. Picsmart has a unique business model where consumers and businesses e-shop directly in their local store and receive fast delivery in electric vehicles.
This is done in partnership with local merchants, without diesel trucks and customers can shop for the goods they are used to.
The capital raised, totalling SEK 40 million, will primarily be used to continue expanding and marketing Picsmart’s concept in Sweden and the rest of the Nordic region. Picsmart’s existing shareholders will participate in the new issues, together with external international investors.
“We now have the full power to accelerate our Nordic expansion plan together with ICA, Hemköp and our other partners. The strong interest in Picsmart is based on our dedicated team and unique business model based on partnerships with the local stores and 100% fossil-free deliveries. We do not compete directly with the companies that offer delivery within 10 minutes with a very limited range in stock. Instead, we offer full store assortment from the customer’s store and delivery within 45 min or a delivery time during the day of the customer’s choice, in a 1-hour span”, comments Christopher Heybroek, CEO of Picsmart.
In the first half of 2022, Picsmart grew over 300% and has expanded to several cities. For example, Picsmart has agreements with several ICA retailers and Hemköp stores around Sweden and new partners are on their way in. The management team has also been strengthened by the recruitment of Ulrika Helander as the new Chief Marketing Officer (CMO), a position she previously held at Linas Matkasse Group.