Finland-headquartered food and consumer goods delivery service Wolt completed a $530m funding round yesterday that included Prosus, the internet company formed by media and e-commerce group Naspers.
The round was led by Iconiq Growth, a vehicle for investment firm Iconiq Capital, and also featured Goldman Sachs’ Growth Equity unit, Tiger Global Management, DST Global, KKR, EQT Ventures and EQT Growth, Coatue, 83North, Highland Europe and Vintage Investment Partners.
Wolt runs an app that allows users in 23 countries to order food and consumer goods from restaurants, grocers and other local retailers for delivery, having expanded outwards from its core restaurant-focused business in the past year.
The company has now received a total of $856m since it was founded in 2014, $109m of which came from Goldman Sachs, Iconiq Capital, Highland Europe, 83North and EQT Ventures in May 2020.
The 2020 round came after Wolt disclosed a $130m series C round led by Iconiq Capital in June 2019 alongside a $30m series B led by 83North closed in 2018, with Highland Europe, EQT Ventures and Lifeline Ventures backing both rounds.
EQT Ventures led the company’s $12.4m series A round in 2016, investing together with Niklas Zennström, Ilkka Paananen and Risto Siilasmaa.
Miki Kuusi, Wolt’s co-founder and CEO, said: “We raised this round of financing to further strengthen our balance sheet, allowing us to think long-term and double down on building even stronger positions across our markets while continuing to expand our offering beyond the restaurant.
“We operate in an extremely competitive and well-funded industry, and this round allows us to have a long-term mindset when it comes to doubling down on our different markets. Despite the turbulence of 2020, we have remained focused on growth, tripling our revenue to a preliminary $345m against a net loss of $45m.
“Compared to the $662m in new capital that we have raised during the past year, this puts us into a strong position for investing in our people, technology and markets when thinking about the next few years ahead.”
