EQT Ventures and EQT Growth to exit its holdings in Wolt
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 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 lead 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.