Kolonial.no, a Norway-based online grocery retailer backed by shipping and real estate conglomerate Rasmussen, has sold a 15% stake to investment firm Kinnevik for a total consideration of Nkr300m ($35.4m).
Kinnevik invested $23.6m directly and purchased an additional $11.8m from undisclosed existing shareholders through a secondary transaction.
Founded in 2013, Kolonial operates an online grocery store that focuses on low prices, shipping produce to consumers in an unbroken cold supply chain.
The company has partnered discount supermarket chain Rema 1000 to offer the retailer’s own brand products on its website, with Rema taking a 10% stake in the company August 2016 as part of that deal.
Rasmussen owned an 18% stake in Kolonial following an $18m investment in June 2017 at a $176m valuation, after founder and chief executive Karl Munthe-Kaas sold $1m worth of shares to an unknown party earlier that year.
The corporate had previously joined clothing retailer Varner and Arctic Capital, the investment arm of seafood trader Arctic Group, for an $18m funding round for Kolonial in October 2016 that also featured family offices Stenshagen and Pactum.
Venture capital firm Verdane Capital led a round of undisclosed size for the company in December 2015, with participation from VC firm Alliance Venture Spring and unnamed, existing backers.
Kolonial had raised $1.6m in a seed round led by Alliance Venture Spring seven months earlier that featured unnamed new and existing backers. Its shareholders also include investment firm Skyfall Ventures, according to data platform Nordic9.