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EQT Ventures and EQT Growth to exit its holdings in Wolt

Foto: Mitar­bei­ter von WOLT
Weitere News
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 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.

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