Wolt, a Helsinki-based food delivery service, has secured a USD130 million Series C investment round, led by ICONIQ Capital, to drive growth, expansion into new markets and hiring across operational countries.
Existing investors 83North, the EQT Ventures fund (EQT Ventures), Highland Europe and Lifeline Ventures also participated in the round. This latest investment brings total funds raised by Wolt in the last 18 months to USD160 million, following a USD30 million Series B led by 83North in January 2018.
Founded in Helsinki in 2014, Wolt’s aim is to make it incredibly easy for people to discover and get great food from the best local restaurants delivered to their home or office via their mobile. In just over a year, the company has expanded from operations in four countries and 10 cities in the Nordics to a total of 15 countries and 50 cities across EMEA. The company now employs more than 450 people and continues to build its proprietary technology with a development team of 80 people. This platform is central to Wolt’s solution for optimising food delivery in real-time and enabling the company to deliver food more efficiently than the wider industry.
In addition to its proprietary platform, Wolt has built a strong operational track record and foundation. The company works with more than 5,000 restaurants and 10,000 couriers partners across its 50 cities.
“The online food delivery market is estimated to grow globally from USD35 billion today to USD365 billion by 2030. This is a massive opportunity across all geographies for companies like Wolt to tackle. However, while virtually everyone operating in this market can show extremely strong growth, it is incredibly difficult to do this while also building a viable business for the long-term. This is what Wolt focuses on – building the most efficient company in food delivery. This new round of financing is testament to how far we’ve come in that regard, and how much there is still to do,” says Miki Kuusi, co-founder & CEO of Wolt.
“Wolt is a special company in numerous dimensions. In particular we were attracted to the company’s compelling operating model, with exceptional efficiency and unit economics. We are looking forward to working with the fantastic Wolt team, which is delivering rapid growth and expansion in the global food delivery industry while building a robust and sustainable operation for the long term,” says Greg Stanger, General Partner at ICONIQ Capital.
“Food delivery is a hyper competitive market and it’s rare for any company in this industry to stand out for having a sustainable business model. Wolt is a rare find, and we’re excited for the results they’ve accomplished. We look forward to the road ahead, and I’m glad to be on their board,” says Laurel Bowden, Partner at 83North.
“The battle to transform the way we buy and eat food today is heating up, but Miki and the Wolt team stand out from the crowd. They’ve managed to delight hungry customers, giving them fast access to great local food, and provide restaurants with new sales. The team’s focus and excellent delivery on unit economics and technology, while building a data-driven business throughout, make a great recipe for winning long term. These are some of the key reasons EQT Ventures invested in Wolt back in 2016 and the team looks forward to supporting the company as it continues to scale,” says Johan Svanström, Partner and investment advisor at EQT Ventures
