However, this was especially difficult to do efficiently and sustainably in a small and difficult home market in the Nordics. We do this by handling the complexity of the delivery on the restaurant’s behalf”. “We quickly learnt that the magical product market fit for bringing the restaurant online was to offer a quick and predictable delivery experience from restaurants that didn’t use to be available for delivery. “We started with an exclusive focus on the restaurant, as it’s the biggest local service with an underlying high-frequency use case,” he says. Kuusi says that the latest funding round is based on the belief that local services in the offline world will gradually be brought online by players “that can execute and maintain a great customer experience”. “We’re not looking to disclose the valuation at this time, but we’ve previously shared that the Series D round that we raised in early 2020 valued the company at above €1 billion,” he adds. shareholders that exited to new investors). “This was mostly a primary raise,” Kuusi tells me when I ask if the new round includes secondary funding (i.e. 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”.įormer Atomico and SoftBank VC Carolina Brochado has joined EQT to help build its new growth fund “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,” says co-founder and CEO Miki Kuusi in a statement. Wolt declined to disclose the company’s latest valuation, although we know from the previous D round that the company is one of Europe’s so-called unicorns. The new round takes the total amount of financing Wolt has raised to $856 million. Previous backers 83North, Highland Europe, Goldman Sachs Growth Equity, EQT Ventures and Vintage Investment Partners also followed on. The round was led by Iconiq Growth, with participation from Tiger Global, DST, KKR, Prosus, EQT Growth and Coatue. To celebrate our new presence in Europe, Matthew Jacobson sat down with Seth Pierrepont for a conversation about his journey, his eye for exceptional companies, and his vision for the future of ICONIQ Growth in Europe.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 new funding. Seth knows the European ecosystem intimately and is deeply trusted by founders. We’re thrilled to have found the right leader in Seth Pierrepont, who most recently served as a partner at Accel in London. Today, we are excited to accelerate this momentum with a permanent home in London. From there, we partnered with incredible founders of Intercom, Collibra, Dataiku, Wolt, Miro, Twistlock, Motorway, Orca Security, Axonius and Primer. In 2015, we partnered with Adyen as they built their payments platform to one of Europe’s most valuable technology companies. Our 120 portfolio companies span the globe from the Bay Area to New York, London, Helsinki, Tel Aviv, Sydney, Bangalore, and beyond. Since our founding in 2013, ICONIQ Growth has partnered with visionary entrepreneurs who drive global impact and change – regardless of where they are.
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