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EQT Ventures and EQT Growth to exit its holdings in Wolt

Foto: Mitar­beiter von 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 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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