Matsmart, a Sweden-based discount food e-commerce platform, has raised SKr350m ($41m) from a consortium of local investors including retailer Ikea’s corporate venturing unit.
Alongside Ingka Group in the round, led by SEB Private Equity and Gullspång Re: food Invest, were existing shareholders Northzone, Norrsken VC, Novax and LeadX Capital.
The funding will be used for international expansion of its food recycling service.
Prior to this round, Matsmart raised about $39m.
In January 2018, Matsmart raised SEK100m ($12.6m) in funding from investors including furniture and domestic product retailer Ikea.
Investment banking firm GP Bullhound also took part in the round, along with venture capital firms Edastra Venture Capital, Inbox Capital and Northzone, and undisclosed angel investors.
D-Ax, a corporate venturing subsidiary of trading group Axel Johnson, and Norrsken Foundation had invested $8.9m in Matsmart in a deal that was likely the first close of the previous round.
Northzone and GP Bullhound joined existing backer Edastra to invest almost $3.4m in Matsmart in 2015, before the former two returned for a $3.9m round in November 2016 that included Inbox Capital, Tedlex Capital Partners and angel investors Magnus Lindstam and Michael Knutzon.
