Hardware and household goods retailer Clas Ohlson is set to pay Skr221m ($26m) for a 10% stake in Sweden-based grocery e-commerce company MatHem i Sverige.
The transaction is set to close on December 22 and will form the basis of a strategic partnership that will allow MatHem to sell a large selection of Clas Ohlson’s household products. The partnership will be managed by local subsidiary Clas Ohlson Sweden.
Founded in 2006, MatHem operates an e-commerce platform primarily focused on groceries, though its range also includes goods such as shampoo and toothpaste, nappies and over-the-counter medication.
Lotta Lyrå, president and chief executive of Clas Ohlson, will be nominated for a seat on the board of directors at an extraordinary general meeting of MatHem scheduled for December 22.
MatHem had previously raised a total of $76.6m in funding. Verdane, Ferd Ventures, Anders Holch Povlsen and Karl-Johan Persson provided $18.2m in funding for the company in January 2017.
Entrepreneur Anders Holch Povlsen had previously made a $32.4m investment in MatHem in 2015.
Additional investors in MatHem include the Kull family office and Erik Mitteregger, a co-founder of hedge fund manager Brummer & Partners. Clas Ohlson will become the fourth largest shareholder in MatHem following its investment.
Lyrå said: “Our logic is simple. Today, many of Clas Ohlson’s top sellers are consumables for the home. Customers’ purchasing patterns for this type of products are largely similar to the pattern for the purchase of food.
“The collaboration makes our range more accessible to customers with fast and flexible deliveries, which is key to e-commerce success.”