Crisp Financial Model
Consumer/DTC Startup Financials (Free Excel Download)
Online grocery app delivering fresh, sustainable food next-day across the Netherlands
professionals from Deloitte
Used by professionals from
About this model
Crisp is a Dutch online grocery app delivering fresh and sustainable food next day. It sources more than 2,000 products from over 650 producers and uses a no-inventory, zero-waste fulfillment model across multiple temperature zones.
The business is a direct retailer, earning revenue from consumer orders rather than subscriptions or marketplace commission. It grew 7.4 times from late 2019 to late 2020 and reached more than 85% repeat orders by the end of that period.
The model is online-grocery P&L. Active customers, order frequency, basket size, product margin, delivery density, fulfillment, and spoilage determine revenue and contribution margin. Repeat rate and geographic delivery scale are critical.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Crisp
crisp.chat
How to build a detailed financial model for Crisp
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Crisp model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Mobile app (iOS/Android) for ordering fresh, seasonal, sustainable groceries
- >2,000 products from >650 sources (producers, farmers, artisans)
- 3 temperature zones in fulfilment; no-inventory / zero-waste model
- Next-day delivery, 1-hour time slot, nationwide
- Mission: "make better quality food available to more people"
- Positioning at intersection of two mega-trends: (1) consumer spend moving online; (2) surge in demand for sustainable & fresh food
Market
- Food is the largest consumer spending category by a wide margin vs. cosmetics, electronics, home, travel, fashion
- Food e-commerce penetration is the lowest of all major consumer categories - framed as the largest untapped online shift remaining
- No TAM/SAM/SOM figures in € stated in deck.
Revenue model
- Direct-to-consumer: consumers purchase via the Crisp app; items priced per unit (example visible: €2.49 for "Groene kool per stuk")
- Revenue = order volume × basket size; no subscription or delivery-fee model explicitly mentioned
- Channel: 100% app / digital, own platform
- No take-rate, marketplace fee, or commission structure disclosed - appears to be a reseller/retailer model buying from 650+ producers
Traction & metrics
- Team: 500 employees
- Assortment: >2,000 products from >650 sources
- Growth: 7.4× revenue (or GMV) Dec. 2019 → Dec. 2020
- Repurchase rate: rising from 2018 through 2020, reaching >85% of orders from repeat customers by end of 2020
- Monthly growth: "consistent double digit growth per month"
- Brand: most awarded Dutch brand in 2019/2020; 9 awards listed
- Deck date: March 2021
Unit economics
- No CAC, LTV, ARPU, basket size, gross margin, or payback figures disclosed.
- Indirect signal: >85% repeat order rate and "double-digit monthly growth" implies strong LTV; zero-waste / no-inventory model implies lean working capital
Competition / moat
- Deck frames the moat as:
- Brand quality - most awarded Dutch brand 2019/20; jury DIA: "all touch points are well designed"
- Supply network - 650+ curated sources gives differentiated assortment competitors can't replicate quickly
- Operations - 3-temp-zone fulfilment, no-inventory, zero-waste as structural cost/sustainability advantage
- Loyalty - >85% repeat orders creates compounding organic revenue
Team & funding ask / use of funds
- Founders: Tom, Eric, and Michiel (surnames not shown)
- Team size: 500 across food, technology, marketing, operations
Recommended financial model
- Archetype + why: D2C online grocery - GMV / net revenue P&L model. Revenue driver is orders × AOV; cost structure is COGS (food/procurement), fulfilment (logistics, 3-temp-zone warehousing), and marketing. This is a high-repeat, low-margin grocery business - the model must track contribution margin at the order level before fixed cost absorption.
- Forecast horizon & granularity: Monthly for Year 1–2; quarterly for Years 3–5. Five-year horizon appropriate for a growth-stage grocery-tech company heading into Series B/C.
- Key drivers & assumptions:
| Driver | Seed value |
|---|---|
| Revenue base (Dec 2019) | 1.0 (index) |
| YoY revenue growth, 2020 | 640% (i.e. 7.4×) |
| Monthly growth rate (2021+) | ~10–15% MoM assumed, stepping down to ~5% by Y3 |
| Repeat order share | >85% |
| Average basket (AOV) | ~€50–70 |
| Orders per active customer per month | ~2–3× |
| Gross margin (product) | 25–35% |
| Fulfilment cost per order | €8–12 |
| Contribution margin per order | Low single digits % initially, improving to 5–10% at scale |
| Marketing / CAC | low relative to peers given brand-led / word-of-mouth growth claim |
| Headcount | 500 at deck date; scale with revenue |
| Delivery geography | Netherlands only, nationwide |
| SKU count | >2,000 from >650 sources |
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: MoM growth steps down from ~12% → 6% over 5 years; AOV flat; gross margin improves 200bps/year via scale
- Bull: Growth stays elevated (15%+ MoM) with international expansion (Belgium/Germany); AOV lifts on premium mix; gross margin reaches 35%+
- Bear: Regulatory pressure on food logistics, competition from Picnic/AH, growth slows to 4–5% MoM; margin pressure from rising logistics costs
- Required sheets / outputs:
- Assumptions - all drivers in one place, clearly tagged DECK vs ASSUMED
- Revenue build - cohort-style: new customers × AOV × order frequency + repeat base (using >85% repurchase rate)
- P&L (monthly → annual) - GMV → net revenue → gross profit → contribution margin (post-fulfilment) → EBITDA
- Cost build - COGS, fulfilment/logistics, headcount (by function), marketing, G&A
- Working capital - no-inventory model means minimal WC drag; model payables to suppliers
- Cash flow & runway - key for investors to see burn profile vs. growth
- Scenario toggle - 3-way switch (Base / Bull / Bear) feeding summary outputs
- KPI dashboard - GMV, AOV, order count, active customers, repeat %, contribution margin %, EBITDA margin
Frequently asked
Is the Crisp financial model free?+
Yes. The Crisp model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Crisp's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
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