Oda, a Norway-based online grocer backed by several corporates, has raised approximately NOK40m ($4.8m) from an undisclosed investor at a $1.2bn valuation, Bloomberg reported on Sunday.
The investor was an unnamed “international financial player” which bought $4.8m of shares from smaller Oda shareholders.
The company was valued at $900m in a $265m round in April 2021 co-led by internet and telecommunications group SoftBank’s Vision Fund 2 and Prosus, the internet group formed by media and e-commerce conglomerate Naspers, and backed by grocery chain Rema and investment firm Kinnevik.
Founded as Kolonial in 2013, Oda sells a variety of grocery products through an online platform that offers same-day delivery to customers.
Kinnevik had increased its stake in the company to 21% in the April round having initially bought a 15% stake in the business in 2018 through a $23.6m primary investment and $11.8m secondary transaction.
Shipping, real estate and investment group Rasmussen supplied $18m for Oda in 2017, increasing its stake to 18%, after undisclosed investors had purchased $1m of shares from Oda founder and chief executive Karl Munthe-Kaas earlier that year.
Oda had raised $18m in a 2016 round backed by Rasmussen, clothing retailer Varner, seafood exporter Arctic Group’s Arctic Capital unit and family offices Stenshagen and Pactum.
Rema had previously acquired a 10% stake in Oda through a strategic partnership agreement in 2016, after the company had collected $1.6m across funding rounds featuring Verdane Capital, Alliance Venture Spring and Skyfall Ventures the year before.