Food delivery company Wolt picks up $530m in funding

Tyrone Stewart

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.

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’s total financing now stands at $856m, although the company has not disclosed its current valuation.

“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 was launched in 2015 with just 10 restaurant partners. 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.

“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. “Despite the turbulence of 2020, we’ve 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’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.”