Supie
Online, membership-based supermarket for the New Zealand market.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
| investor investor investor | €0.0 | round | |
* | NZD3.9m | Early VC | |
| Total Funding | 000k | ||
| USD | 2022 |
|---|---|
| Revenues | 0000 |
| EBITDA | 0000 |
| Profit | 0000 |
| EV | 0000 |
| EV / revenue | 00.0x |
| EV / EBITDA | 00.0x |
| R&D budget | 0000 |
Source: Dealroom estimates
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Supie was an online-only supermarket in New Zealand founded by Sarah Balle in May 2021. The company's mission was to compete with the country's supermarket duopoly by offering fairer prices and a better deal for producers and consumers. Balle, who grew up on a vegetable farm, was inspired to start the company after witnessing edible produce go to waste. The business operated on a membership model, offering a free tier with a flat delivery fee and a paid annual subscription called Supie+ which included free delivery, cashback on orders, and other perks.
Supie established its own supply chain, sourcing directly from over 350 producers to offer competitive pricing by reducing overheads associated with physical stores. Its product range grew from around 2,500 at launch to over 6,500 items. The service was initially available in Auckland and later expanded to parts of the Waikato and Bay of Plenty regions. The company demonstrated significant growth, securing $2.5 million in a seed funding round in November 2021 and a further $3.9 million in August 2022. By July 2023, Supie had amassed 55,000 customers and employed around 130 staff, with plans for further expansion, including unmanned 24/7 physical stores.
Despite its rapid growth and a customer base of around 60,000, Supie faced significant financial challenges. The company struggled to achieve the necessary scale to operate profitably in a highly competitive market. In October 2023, after a key investor withdrew further funding, Supie was placed into voluntary administration and subsequently liquidation, ceasing all trading operations. At the time of its collapse, the company owed approximately $3 million, including over $2.1 million to more than 4,000 creditors and significant unpaid wages to its 118 employees. In January 2024, the company's trademarks and website domain were acquired by The Meat Box, an online butcher.
Keywords: online grocery, supermarket, food delivery, e-commerce, membership model, food retail, New Zealand, supply chain, liquidation, grocery disruption