Northzone in €7.5m funding round for Matsmart

With the fresh capital, Matsmart intends to focus on growing in the Nordic region as well as expanding into new markets across Europe.

For the purpose of the announcement, this particular funding round was not named, but it would be classified as a series-B round, a spokesperson for Northzone told unquote".

Previous funding
Matsmart has previously attracted investors including Northzone, GP Bullhound, Edastra Venture Capital, Inbox Capital and business angels.

In October 2015, Edastra structured a SEK 5m seed round for the Swedish e-commerce company. GP Bullhound and Northzone invested SEK 30m in Matsmart alongside previous Edastra in December 2015. The fresh capital was intended to support further growth for Matsmart, both in Sweden and internationally. 

Company
Founded in 2012, Matsmart is an online seller of surplus grocery stock based in Skogås. The company sells products that would otherwise go to waste, at a discount.

According to the firm, it prevented 706 tonnes of food from going to waste in 2016.

Matsmart launched in Sweden in 2014 and has since expanded to Norway and Finland. Last year, it posted a turnover of €20m.

People
Matsmart – Karl Andersson (CEO).

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• Topics
• Expansion
• Nordics
• Consumer
• Sweden
• Northzone
• Venture