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EQT Growth backs Wolt, a leading food delivery platform

Kate­gorie: Private Equity
Foto: Wolt Enter­prises is a lead­ing food deliv­ery plat­form based in Helsinki
27. Januar 2021

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.”

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