Wolt helsinkibased 530m iconiq3/5/2023 We knew very quickly this was a team we wanted to back and were very fortunate to lead Wolt’s Series C round in April 2019.įast forward to today and the world and this industry could not be more different. We also discovered a group that, while very engaging and fun to work with, operated with incredible focus and purpose and at the same time with enormous care and respect for the broader team. What we discovered was an enormously high performing team that was bringing innovation, differentiated technology, operational excellence and financial discipline to food delivery, enabling them to operate successfully in a broad swath of cities of widely varying populations and densities, where others arguably could not. After our first call, we were so energized and impressed by Miki’s vision and execution to date that we jumped on a flight the next day to meet the team in Finland. Then a purposefully low profile but rapidly growing food delivery leader in Helsinki, the company had begun expanding its geographic footprint from its home region of the Nordics & Baltics to include other parts of Europe and Israel. In early 2019, we were introduced to Miki, founder and CEO of Wolt, which was founded to serve the needs of a three-sided marketplace - customers, restaurants, and couriers. These services have become increasingly ingrained in people’s lives. With the advent of the smartphone and the food delivery services that followed, technology has disrupted and enhanced one of the most fundamentally human experiences, enabling people to easily enjoy restaurant meals in the comfort of their homes. It’s hard to imagine today that, not too long ago, food delivery was limited to restaurants, such as pizzerias, that decided to fulfill the last mile themselves. Compared to the $662m in new capital that we’ve 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.We are excited to announce that we have led Wolt’s recent Series E financing and are deepening our partnership with Miki Kuusi, Riku Makela, Marianne Vikkula and the rest of the team at Wolt, a leading food delivery platform serving 23 countries. “Despite the turbulence of 2020, we’ve remained focused on growth, tripling our revenue to a preliminary $345m against a net loss of $45m. “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,” added Kuusi. Since then, it has expanded to 23 countries and 129 cities and, in the past year, has moved beyond restaurants and takeaways into the grocery and retail sectors – selling anything from cosmetics to pet food and pharmaceuticals. Wolt was launched in 2015 with just 10 restaurant partners. “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,” said Miki Kuusi, CEO and Co-founder of Wolt. Wolt’s total financing now stands at $856m, although the company has not disclosed its current valuation. The latest funding round was led by Iconiq Growth and included new investment from Tiger Global, DST, KKR, Prosus, EQT Growth, and Coatue, as well as financing from existing investors including 83North, Highland Europe, Goldman Sachs Growth Equity, EQT Ventures, and Vintage Investment Partners. Wolt, a Helsinski-based food delivery company, has secured a further $530m in funding as it looks to continue expanding its business beyond food delivery.
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