Photo: Employees of WOLT

EQT Ventures and EQT Growth to exit its holdings in Wolt

Photo: Employees of WOLT
10. Novem­ber 2021

USA — DoorDash (NYSE: DASH) is acqui­ring Wolt, a leading food deli­very plat­form in an all-stock deal worth appro­xi­m­ately EUR 7 billion; EQT Ventures and EQT Growth will exit their holdings in Wolt and receive DoorDash stock as part of the transaction

EQT Ventures led the early Series‑A finan­cing round for Wolt in 2016 and has since been a close part­ner and advi­sor to Wolt, parti­ci­pa­ting in all subse­quent finan­cing rounds. EQT Growth inves­ted in Wolt’s latest USD 530 million round of finan­cing in Janu­ary 2021

Since its foun­ding in Finland in 2014, the Helsinki-based company has expan­ded to 23 count­ries and today employs over 4,000 people
Today it was announ­ced that DoorDash (NYSE: DASH) has ente­red into a defi­ni­tive agree­ment to acquire Wolt (the “Company”) for appro­xi­m­ately EUR 7 billion in an all-stock tran­sac­tion, subject to regu­la­tory appr­oval and other custo­mary closing condi­ti­ons for tran­sac­tions of this type. As part of the tran­sac­tion, the EQT Ventures I fund (“EQT Ventures”) and EQT Growth are exiting their holdings in Wolt and recei­ving shares in DoorDash. DoorDash is a tech­no­logy company that connects consu­mers with their favo­rite local and natio­nal busi­nesses in more than 7,000 cities across the United States, Canada, Austra­lia and Japan. With the acqui­si­tion of Wolt, DoorDash will add a signi­fi­cant inter­na­tio­nal presence.

Wolt was estab­lished in 2014 in Helsinki, Finland, by CEO Miki Kuusi and co-foun­­ders, who had a vision of crea­ting a truly tech-orien­­ted company that would make it easy and fun to disco­ver great food deli­vered directly to home or office. Wolt’s plat­form and data-driven deli­very infra­struc­ture provide custo­mer conve­ni­ence and new reve­nue oppor­tu­ni­ties for both restau­rants and retail­ers. It has grown rapidly and today opera­tes across 23 count­ries and employs over 4,000 people.

EQT Ventures was one of Wolt’s earliest inves­tors and has parti­ci­pa­ted in all subse­quent finan­cing rounds, during which it has played a pivo­tal role in support­ing the Company to become one of the largest private tech­no­logy compa­nies in Europe. EQT Growth joined the jour­ney in Janu­ary 2021 as part of Wolt’s latest growth finan­cing round, show­ca­sing EQT’s ability to “back its winners” over time and across the EQT plat­form. Today, EQT Ventures and EQT Growth combi­ned are Wolt’s largest shareholders.

Johan Svan­ström, Part­ner within EQT Growth’s Advi­sory Team and Wolt board member since 2018, and Lars Jörnow, Part­ner within EQT Ventures’ Advi­sory Team and part of the initial invest­ment team for Wolt when the fund led the Series A, commen­ted, “We are thril­led to see Wolt and DoorDash join forces. EQT Ventures origi­nally inves­ted in a small, tech-obses­­sed and gritty Finnish team that was looking for a hands-on and invol­ved invest­ment part­ner. Through our close working rela­ti­onship and supported by capi­tal invest­ments from EQT Ventures, and subse­quently EQT Growth, today Wolt is one of Europe’s most successful private tech­no­logy compa­nies. It has been a plea­sure support­ing CEO Miki Kuusi and the team in buil­ding and scaling the company and we look forward to follo­wing them for years to come.”

Miki Kuusi, CEO of Wolt, said, “The entire EQT plat­form has been criti­cal in our growth and success over recent years. EQT Ventures were one of our earliest backers and have remained with us ever since. In 2021, we were deligh­ted to welcome EQT Growth to the fold as part of our latest funding round. Today, I’m incre­di­bly exci­ted to announce that Wolt is joining forces with the DoorDash team to start our next chapter.”

The tran­sac­tion is subject to regu­la­tory appr­oval and other custo­mary closing condi­ti­ons for tran­sac­tions of this type. The DoorDash equity issued as part of the tran­sac­tion will be valued at $206.45 per share, based on DoorDash’s 30 day VWAP as of Novem­ber 3, 2021.

EQT Ventures and EQT Growth were advi­sed by law firm DLA Piper.

Subscribe newsletter

Here you can read about the latest transactions, IPOs, private equity deals and venture capital investments, who has raised a new fund, how Buy & Build activities are going.

Get in touch

Contact us!
fyb [at]