Magic ensues.īased in Helsinki, we operate in 23 countries and 90+ cities across EMEA, bringing together over 40,000 couriers and 15,000 restaurants. Pick a restaurant, build your order, and hit send. Wolt is a technology company that makes it incredibly easy to discover, and get great food delivered. This, says the company, sees it offer anything from cosmetics to pet food and pharmaceuticals on its platform. More recently, like others in the restaurant delivery space, Wolt has expanded beyond restaurants and takeout food into the grocery and retail sectors. Since launching with 10 restaurants in its home city in 2015, five years on Wolt has expanded to 23 countries and 120 cities, mostly in Europe but also including Japan and Israel. Compared to the $670 million in new capital that we’ve raised during this year, this puts us into a strong position for investing in our people, technology, and markets when thinking about the next few years ahead”. “Despite the turbulence of 2020, we’ve remained focused on growth, tripling our revenue to a preliminary $330 million against a net loss of just $38 million. “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,” said co-founder and CEO Miki Kuusi. Previous backers 83North, Highland Europe, Goldman Sachs Growth Equity, EQT Ventures and Vintage Investment Partners also followed on. The new round brings the total financing to-date to $856 million. I know I’m not going to be able to stay as CEO unless I’m able to learn a lot all the time.– FINLAND, Helsinki – Wolt, the Helsinki-based online ordering and delivery company that initially focused on restaurants but has since expanded to other verticals, has raised $530 million in a new funding round led by Iconiq Growth, with participation from Tiger Global, DST, KKR, Prosus, EQT Growth and Coatue. “For me, the excitement is always taking the next leap. It’s a very different type of CEO role than when he first started Wolt in 2014, he says - but that’s what he likes.

“It’s an interesting thing - how you build the governance, practices, and processes to be publicly listed.” “We started the readiness process after the last round,” says Kuusi, who’s currently hiring for a chief financial officer to bolster those efforts. Existing investors 83North, Highland Europe, Goldman Sachs Growth Equity, EQT Ventures and Vintage Investment Partners also participated in the round.Īside from building a retail delivery empire, they will also be advising Wolt on its path to IPO. “As a result, we haven’t used a single euro of the financing raised in the spring,” says Kuusi.Īlong with ICONIQ Growth, which led the round, Wolt’s new investors include Tiger Global, DST, KKR, Prosus, EQT Growth and Coatue. Iconiq Growth has led a 530m funding round for Finland-based consumer products delivery service Wolt. We haven’t used a single euro of the financing raised in the spring. “It was insurance we took for the uncertainty in the world,” says Kuusi - at that point, many restaurants were still closed and it was unclear whether the pandemic would slow the company’s growth. In May 2020, it raised €100m in a round led by Goldman Sachs Growth Equity. Last time Wolt raised capital, the team’s motivations were very different. “It was more us thinking, how can we optimise the next three to five years ahead?” “When we started raising this round, we had no view into what the competition was doing,” says Kuusi, who went out to raise late in October. And Turkish speedy delivery startup Getir is reported to also be raising capital, and expanding into new markets, including London. FINLAND, Helsinki Wolt, the Helsinki-based online ordering and delivery company that initially focused on restaurants but has since expanded to other verticals, has raised 530 million in a new funding round led by Iconiq Growth, with participation from Tiger Global, DST, KKR, Prosus, EQT Growth and Coatue. Along with Glovo’s $100m deal with real estate platform Stoneweg to open 100 dark stores (with Glovo managing delivery operations, and Stoneweg building and refurbishing the stores), Deliveroo also raised $180m and hit a $7bn valuation. Wolt’s latest fundraising comes amid a flurry of activity in the delivery sector. “The reason we’re also working on dark stores ourselves is to develop the tech - and because it’s sometimes not the quickest thing to work with partners.” Why raise now? Wolt is still opening some of its own dark stores, however - if only to figure out how to make them work best. There’s more flexibility on timings and the average order value tends to be far higher. That means that, although Wolt takes less commission on these ‘big basket’ orders than it does on restaurant food delivery (which is north of 20%), it’s a good line of business.

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