Wolt Announces $160 Million in Funding to Fuel International Growth
> The Helsinki based food delivery service operates in 15 countries and 50 cities
> The company will use its new funding to continue investing in growth, expansion and hiring across operational countries
> Targets to grow headcount by 1,000 by the end of 2020
> The announced financing takes total funds raised by Wolt to $175 million
Helsinki, Finland, 19 June 2019 - Wolt, the Helsinki based food delivery service, announced today that it has raised $160 million in new financing. The latest funding consists of two previously undisclosed rounds, including the most recently closed $130 million Series C led by ICONIQ Capital and the previous $30 million Series B, which was led by 83North in January 2018. Highland Europe, EQT Ventures and Lifeline Ventures also invested as part of the rounds. Wolt will use the new financing to continue investing in growth and expansion.
“The online food delivery market is estimated to grow globally from $35 billion today to $365 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.
Just a bit over a year ago, Wolt operated in four countries and 10 cities in the Nordics. Since then, Wolt has expanded to a total of 15 countries and 50 cities across EMEA. Wolt’s solution to food delivery is based on its proprietary technology: the company’s platform optimises logistics in real-time, allowing Wolt to deliver food more efficiently than the wider industry.
“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,” said Greg Stanger, General Partner at ICONIQ Capital.
Wolt was founded in Helsinki in 2014, and today employs over 450 people across its 15 countries. The company continues to build its proprietary technology with a development team of 80 people. In addition to being a technology company, Wolt has built a strong operational track record and foundation. Wolt works with more than 5,000 restaurants and 10,000 couriers partners across its 50 cities.
“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” Laurel Bowden, Partner at 83North.
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Head of PR & Communications, Wolt
+358 45 109 6869
Wolt is a technology company that makes it incredibly easy to discover and get great food, delivered to your home or office. The Helsinki-based company has operations in 15 countries and 50 cities, serving food from over 5,000 restaurants with over 10,000 courier partners. The company was founded in 2014, employs over 450 people today, and is led by its co-founder and CEO Miki Kuusi. Wolt has raised $175M in funding from investors including ICONIQ Capital, Highland Europe, 83North, EQT Ventures, Inventure, Lifeline Ventures, Supercell founder & CEO Ilkka Paananen and Nokia Chairman Risto Siilasmaa, among others. Before Wolt, our investors have backed companies such as Alibaba, Netflix, Just Eat, Adyen, iZettle, Intercom and Zoom. For more information: https://wolt.com/for-media
More information about the C-series funding round:
In addition to ICONIQ Capital other new investors participating in the latest round include Highland Europe, alongside existing investors EQT Ventures, Lifeline Ventures, 83North and Supercell co-founder & CEO Ilkka Paananen. Arma Partners acted as exclusive financial advisor to Wolt during the funding round. The funding round closed in April 2019.