Sweden-based groceries e-commerce business MatHem has raised about SEK500m ($51m) in funding from investors including hardware and household goods retailer Clas Ohlson.
Pension manager AMF provided $28.6m for the round and now has a 10% stake in the company while investment firm Kinnevik supplied $15.3m and now owns a 36% share, down from 38%. The round also featured venture capital firm Verdane.
Founded in 2009, MatHem runs an online portal offering next-day delivery of groceries including fresh and organic food, spices, snacks and medicines.
Customers can buy groups of items to cook meals using MatHem’s recipe service, Tasteline.com, or place repeat orders for prepared food products in exchange for a subscription fee.
The funding will support MatHem’s growth plans and help it strengthen operational efficiency. Some of the proceeds are going towards construction of a planned storage and distribution centre in the Swedish city of Stockholm.
MatHem has now raised $196m of funding altogether. Kinnevik has provided roughly $112m, having committed $96m in February 2019, $53.5m of which was in the form of a secondary investment.
Verdane, Ferd Ventures, Karl-Johan Persson and existing investor Anders Holch Povlsen participated in an $18.2m round for the company in January 2017 before Clas Ohlson paid $26m for a 10% stake in December the same year, taking its total funding to approximately $103m.