Organic online grocer eFarmz raises €3 million for expansion into Flemish market
Organic online grocer eFarmz raises €3 million for expansion into Flemish market
Belgian sustainable food platform eFarmz raises €3 million to expand into Flanders.
Brussels-based online food retailer eFarmz has secured €3 million in funding from investment fund Akiles to support its expansion into the northern part of Belgium. The company specializes in Belgian, organic, and sustainably sourced products.
From its distribution center in Anderlecht, eFarmz offers an impressive range of artisanal goods: bread from bakeries employing people with disabilities, organic beer from the Ardennes, and traditional cheeses from Diksmuide, to name just a few.
Founded nine years ago by Muriel Bernard, eFarmz operates through two main channels: customers can either order groceries à la carte via the webshop or select from a range of weekly meal boxes. Orders are delivered to homes or local pick-up points within two to three days.
If the concept sounds familiar, it’s no coincidence. “When HelloFresh entered Belgium in 2017, it really accelerated the online grocery market here,” says Bernard. “We were inspired by the meal box model, but our focus is different—we exclusively work with Belgian products that are organic or have other sustainable qualities.”
Today, eFarmz offers around 800 products sourced from roughly 150 local suppliers. With 50 employees and a base of 15,000 to 20,000 regular customers, the company generates €10 million in annual revenue. “We estimate our market share in the meal box segment at around 6 to 7%,” Bernard adds.
Second time’s the charm
Until now, Flanders remained a blind spot for eFarmz. Bernard previously attempted an expansion there about seven years ago, but a lack of resources and manpower stalled the effort. This time, with €3 million in new capital from Akiles—the investment fund founded by Immoweb entrepreneur Christophe Rousseaux—the company aims to succeed.
Starting Thursday, customers in Flanders can also order from eFarmz. “We are still recruiting Dutch-speaking staff and plan to increase the number of Flemish suppliers—we currently work with about twenty,” Bernard notes.
Growing competition
eFarmz enters a growing but competitive market in Flanders. In addition to global players like HelloFresh, local startup Foodbag.be has already captured a significant share, also emphasizing Belgian products (although with less focus on organic certification). Other regional initiatives, such as Voedselteams, focus on farm-to-table supply chains.
Bernard is cautious about setting immediate targets for Flemish expansion. “We already have a waiting list of about 3,000 interested Flemish customers,” she says. “If we eventually achieve 40 to 50% of our revenue from Flanders, we’ll consider it a success.”
The expansion comes at a sensitive time, with soaring energy prices and food inflation prompting many consumers to seek cheaper alternatives. “We don’t sell greenhouse-grown vegetables, but of course, both we and our suppliers are feeling the impact of high energy costs,” Bernard acknowledges. “Our prices have risen by 3 to 10% this year. However, we remain competitive—we aim to match supermarket prices for similar products, and sometimes we can even beat them, especially with seasonal goods.”
Seeking Belgian roots
This marks eFarmz’s first professional capital raise. The company previously collected €1.1 million from a mix of friends, family, and small investors. The connection with Akiles was facilitated by M&A advisor Merodis.
Akiles, led by Brussels-based Christophe Rousseaux (son of late media entrepreneur Christian Rousseaux), has invested in several promising Belgian scale-ups such as Loop earplugs and telecom startup Calltic.
“I specifically wanted a Belgian fund that would help preserve our values and DNA,” says Bernard.
Although the exact size of Akiles’ stake has not been disclosed, the fund is reportedly now the largest shareholder—without holding an outright majority. Some smaller investors were bought out as part of the transaction.
Source: De Tijd, Wim De Preter, 15/09/2022, This is an automatically generated translation of the original article, Link to original article.