MatHem, a Sweden-based online grocer backed by household goods retailer Clas Ohlson, secured SEK1.1bn ($131m) from investors including shipping group Stena yesterday.
Pension fund manager AMF and investment firm Kinnevik filled out the $47.6m equity portion of the round, which included $83.3m in debt financing supplied by P Capital Partners. Stena was identified as an existing shareholder.
Founded in 2009, MatHem operates an e-commerce platform that offers next-day delivery of groceries for customers across seven cities in its home country. It also provides articles, dietary advice and more than 30,000 recipes through an online media platform called Tasteline.com that logs 3 million visits per month.
The cash will be used to expand the company’s fulfilment facilities into new locations, increase its product range and launch a pharmacy business with drugstore chain operator Kronans Apotek.
MatHem’s chief executive, Johan Lagercrantz, said: “I am incredibly grateful for the trust in MatHem from our investors in this funding round. MatHem has a clear focus on growth and increased efficiency in our continued journey towards profitability.
“We work hard to constantly develop to meet our customers’ needs and for our e-commerce of groceries with home delivery to contribute to a more convenient and simpler everyday life. With this investment we will be able to achieve fantastic results going forward.”
Clas Ohlson backed a $51m round for MatHem in February 2020, investing alongside AMF, Kinnevik and Verdane. It had completed a $96m primary and secondary transaction the year before featuring Kinnevik.
Verdane, Ferd Ventures, Karl-Johan Persson and returning backer Anders Holch Povlsen had taken part in an $18.2m round for the company in early 2017 before Clas Ohlson invested $26m later in the year.
