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June 20, 2019

Finnish food delivery service Wolt raises $130m in funding

Finland-based food delivery service Wolt has raised $130m in latest funding led by an investor to help drive growth internationally.

Finland-based food delivery service Wolt has raised $130m in latest funding led by two investors to help drive growth internationally.

In April this year, the company closed the $130m Series C financing round led by ICONIQ Capital.

Highland Europe, EQT Ventures and Lifeline Ventures also participated in the funding round.

The new financing and another round that was not disclosed by the company previously brings the total funding to $160m. In January 2018, the company secured $30m in Series B round led by 83North.

The company plans to use the funding to invest in growth and expansion, and increase its headcount. It aims to increase its headcount by 1,000 by the end of next year.

To date, the total funds raised by the company amounts to $175m.

Wolt co-founder and CEO Miki Kuusi said: “The online food delivery market is estimated to grow globally from $35bn today to $365bn by 2030.

“This is what Wolt focuses on, building the most efficient company in food delivery. This new round of financing is a testament to how far we’ve come in that regard, and how much there is still to do.”

ICONIQ Capital general partner Greg Stranger said: “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.”

Currently, Wolt operates in 15 countries and 50 cities across Europe, the Middle East and Africa (EMEA) employing over 450 people.

Using its proprietary technology, the company’s platform optimises logistics in real-time to allow for efficient delivery of food.

The company serves food from over 5,000 restaurants with more than 10,000 courier partners.

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