How Holie’s is expanding across Europe with healthy breakfast cereals

Holie’s was founded in 2018 in response to the surprisingly high sugar content in many breakfast cereals. The company introduced granola made from pure, natural ingredients, without added sugars or sweeteners.

Today, Holie’s breakfast cereals and muesli bars are available in nearly all Dutch supermarkets and in several international retail chains too. Holie’s now sells more than 200,000 products a week.

‘And this is only the beginning,’ says Arent van Wassenaer, Head of Finance and Operations at Holie’s. ‘Our ambition is to build Europe’s largest healthy breakfast brand.’

Growing consumer interest in healthy breakfasts has supported Holie’s expansion from day one. Initially, the company grew without external financing. ‘We were bootstrapped,’ Van Wassenaer explains.

‘We could only spend money after we had earned it. That is logical at the start, but there is also a disadvantage as the company’s cash flow limits the pace of growth. We felt we could grow faster, so we decided to take the leap and secure capital to accelerate expansion.’ 

Van Wassenaer calculated that a €400,000 loan would significantly increase growth capacity. However, initial enquiries at several banks offered little hope as they resulted in standardised, impersonal online application processes. Until Van Wassenaer rang ABN AMRO.

‘There, we were treated in a truly personal way. They asked not only about our numbers, but also about our vision. That gave us confidence. We felt they genuinely wanted to build a long-term partnership.'

'After that, we could take steps to successfully expand the company. By mid-year, the budget had already been achieved and annual turnover increased by 120%.’

Despite strong growth, profitability remained limited due to high logistics costs. Van Wassenaer: ‘We sold our products to retailers through a distributor. While this was an effective way to secure supermarket shelf space, costs were high, margins were low, and we only received sales data at the end of each month.'

'We then decided to supply to retailers directly, rather than through an intermediary. This required organisational adjustments, an upgraded IT system, in-house inventory management and optimised logistics processes.’  

To support this transition, Holie’s secured a new loan of €2.2 million in 2024. Once again, ABN AMRO played an active role. ‘Their critical questions forced us to thoroughly validate our plans, which led to better decisions.'

'We took a calculated risk, but by managing distribution ourselves, we reduced distribution costs and gained direct control over our data. This improved our control over inventory, service levels and margins.’

That strategy delivered immediate results. Van Wassenaer: ‘Margins improved almost immediately and targets were achieved ahead of schedule. The growth was considerable: turnover reached €13 million in 2024.’

Holie’s also raised €1.6 million through crowdfunding to further strengthen brand visibility, increase in-store presence, launch campaigns and introduce new product concepts. The campaign also deepened engagement with loyal customers.

The improved financial and operational position gave Holie’s and the bank the confidence to expand further across Europe. ‘We wanted to expand into the United Kingdom and strengthen our position in Belgium.'

'To support that growth, internally the organisation was further professionalised by enhancing sales capabilities, improving reporting structures, and optimising logistics.’ As a result, Holie’s continues to grow. ‘We recently launched two new product concepts, including Holie’s Loops, our new challenge to the cereal aisles.’

International expansion is also proving successful. In the United Kingdom, Holie’s products are now available through online supermarket Ocado and will soon be listed by a major retail chain.

Van Wassenaer also believes there are opportunities in the rest of Europe, for example, in Scandinavia. ‘The market is smaller, but the strong focus on health aligns with Holie’s mission.’

Turnover increased from €13 million to €20 million last year. Profitability is not yet the primary objective: ‘Earnings are reinvested directly into the business to support further growth. We see significant opportunities ahead and aim to reach €50 million in revenue within the next two years.’ 

Van Wassenaer shares three key tips for entrepreneurs seeking financing:

1. ‘Don’t move too fast. External financing raises the stakes. In our early years, we deliberately grew steadily. This allowed us to refine our business model and validate our product-market fit. We only started to scale up when we knew this approach was working.’ 
2. 'Work with a financing partner who understands your strategy and make sure your plan is solid. Be transparent about your numbers and realistic about forecasts.’
3. ‘Think carefully and think twice before spending. Invest only in things that directly support your long-term objectives. Avoid increasing headcount too soon. By initially solving challenges yourself, you gain valuable insight into what the organisation truly needs. That works for us.’