MatHem, a Sweden-based grocery e-commerce platform backed by hardware and household goods retailer Clas Ohlson, has secured a SEK900m ($96m) commitment from investment firm Kinnevik.
Kinnevik will invest $42.5m directly and purchase $53.5m in a secondary transaction, though the identify of the selling shareholders has not been disclosed. It will own a 38% stake in MatHem following the deal, which is expected to close by the end of Q1 2019.
Founded in 2006, MatHem runs an online supermarket that sells a wide range of goods such as groceries, personal hygiene products, pet food, books and magazines, snuff tobacco and over-the-counter medication.
The company’s delivery range covers more than half of Swedish households, and it processed more than a million deliveries in 2018. It has an ongoing partnership with Clas Ohlson to sell the latter’s products through its platform.
Kinnevik’s primary investment boosted MatHem’s overall equity funding to approximately $145m. The partnership with Clas Ohlson is the result of a $26m investment by the corporate, in return for a 10% stake, in 2017.
MatHem’s shareholders also include Verdane, Ferd Ventures, the Kull family office and private investors Anders Holch Povlsen and Karl-Johan Persson and Erik Mitteregger.
Tomas Kull, chief executive of MatHem, said: “MatHem is ready to take the next step in its growth journey and with Kinnevik’s track-record of building successful digital brands and its insight into the digital consumer space, I believe that we have found the perfect partner.
“Building on our deep customer relationships, we will continue to develop our assortment and ensure a seamless customer experience to drive growth going forward.”
