EQT Growth backs Wolt, a leading food delivery platform

Helsinki/ Stock­holm — EQT is plea­sed to announce that EQT Growth has inves­ted in Wolt Enter­pri­ses Oy (”Wolt” or “the Company”), a leading food deli­very plat­form. The invest­ment, which is the first by the EQT Growth stra­tegy, is made through EQT AB’s balance sheet and is part of Wolt’s USD 530 million capi­tal raise. EQT Growth will, toge­ther with EQT Ventures, support Wolt on its acce­le­ra­ted expan­sion jour­ney into new geogra­phies and verticals

Wolt was estab­lished in 2014 in Helsinki, Finland by CEO Miki Kuusi who had a vision of crea­ting a tech­no­logy company that would make it easy and fun to disco­ver great food and get it delivered
directly to your home or office. Since then, Wolt has expan­ded rapidly and today the Company
part­ners with over 30,000 restau­rants and retail part­ners and 60,000 couriers in 129 cities across 23 count­ries. Wolt’s plat­form and deli­very infra­struc­ture provide great custo­mer conve­ni­ence and new reve­nue oppor­tu­ni­ties for both restau­rants and retailers.

The trans­for­ma­tion of food deli­very into a digi­tal service model has acce­le­ra­ted over the past years and the market is esti­ma­ted to be worth around USD 365 billion by 2030 (accor­ding to UBS Evidence Labs’ report from June 2020). The combi­na­tion of mobile app usage, connec­ted restau­rants and onde­mand deli­very networks have paved the way for tech­no­logy plat­forms, such as Wolt.

The EQT Ventures I fund was one of Wolt’s first inves­tors and led the Company’s Series A finan­cing round in 2016 and has parti­ci­pa­ted in all subse­quent rounds, making the fund one of Wolt’s largest owners. Since then, the EQT plat­form has provi­ded active board and opera­tio­nal support to the Wolt team and EQT will conti­nue to part­ner with the Company on its mission to make cities better places to live and by enab­ling econo­mic oppor­tu­ni­ties in local commu­ni­ties. Wolt offsets 100 percent of its deli­­very-services’ CO2 emis­si­ons and will conti­nue the imple­men­ta­tion of its green agenda with support from EQT’s sustaina­bi­lity team and global advi­sory network.

Johan Svan­strom, Part­ner and Invest­ment Advi­sor at EQT Part­ners: “EQT Growth is proud to support Wolt with both capi­tal and compe­tence as the company expands to new heights. Ever since EQT Ventures part­ne­red with CEO Miki Kuusi and his team in 2016, we have seen Wolt build an incre­di­bly effec­tive and inter­na­tio­nal growth machine with strong empha­sis on respon­si­ble part­ner­ships and great custo­mer solu­ti­ons. We believe that there are strong pros­pects for contin­ued inter­na­tio­nal expan­sion and deeper pene­tra­tion in the company’s core markets.”