Struggling online supermarket Pieter Pot selling part of business to customers

The packaging-free online supermarket Pieter Pot is making a new attempt to solve its money problems by selling part of the business to customers. Pieter Pot hopes to raise 3 million euros by making 33 to 40 percent of its shares available to customers, suppliers, and others who want to be part-owners of the sustainable supermarket, NU.nl reports.

The company intends to use the money raised to fill its empty shelves and make Pieter Pot profitable. Interested parties can become co-owners if they invest at least 150 euros in the online supermarket. From next week, there will be a counter on Pieter Pop’s website keeping track of the progress. The investment round runs until mid-December.

Earlier this year, Pieter Pot started a campaign to raise money to pay suppliers and replenish stocks. But the proceeds weren’t enough.

Founder Jouri Schoemaker is hopeful that this plan will work. “I can’t deny that it is stressful, but we have a strong community, and partners also want us to continue. Thousands of customers have expressed interest,” he said. The company is also looking at alternative solutions in case it is unable to raise enough money again.