Picsmart, Swedish delivery platform for local grocery stores, goes bankrupt

This news was covered on September 18, 2024 in the daily PRO newsletter.

Picsmart, a Stockholm-based delivery platform for local grocery stores with a model similar to US company Instacart, was declared bankrupt, according to public Swedish company data, and confirmed to Di Digital (paywall) by the startup's founder and CEO Christopher Heybroek.

Picsmart was founded by Heybroek in 2019 and has raised around SEK 100 million in total equity funding from several family offices, as well as angel and private investors.

For the financial year (FY) 2022/2023, Picsmart reported net revenue of SEK 22.7 million and a loss of SEK 34.6 million. Christopher Heybroek tells Di Digital that during the FY 2023/2024, net revenue grew to SEK 32.4 million, and losses decreased.

The grocery delivery space in Sweden is currently struggling. A few days ago, Mathem – a pioneer in the segment – entered a corporate reconstruction process. And a few weeks ago, Kavall – another hyper-local grocery delivery startup – went bankrupt.