Picnic to raise €600 million in a round backed by investors including the Bill & Melinda Gates Foundation.

Picnic, an Amsterdam, Netherlans-based ecommerce business operating supermarket services announced that it has raised €600M ($705M0 in a Series D round of funding

The money was raised from investors led by the Bill & Melinda Gates Foundation Trust.

The proceeds will be used as the company is planning  roll-out of its services in Europe, especially Germany and France.

Picnic was founded in 2015 by Michiel Muller, Frederik Nieuwenhuys, Joris Beckers, and Bas Verheijen and has a strong position in the Dutch market, where it has become a mass-market home delivery provder of fast-moving consumer goods. It controls the entire supply chain, works closely with local suppliers, and delivers everything free of charge in electric cars.

Picnic previously has raised €250M in 2019, and existing investors include Hoyberg, De Hoge Dennen Capital, NPM Capital, Finci and Edeka. It is one of the many online grocery startups from Europe funded by venture money.