Northzone in €17m round for Matsmart

The round was led by LeadX Capital Partners (the corporate venturing arm of retail group Metro) with Ingka Group, D-Ax and Norrsken also taking part.

Metro said the investment in Matsmart was a part of its sustainability strategy to halve food waste in its business operations by 2025.

Previous funding
In October 2015, Edastra structured a SEK 5m seed round for Matsmart. GP Bullhound and Northzone invested SEK 30m in

Matsmart alongside Edastra in December 2015. The fresh capital was intended to support further growth for Matsmart, both in Sweden and internationally.

Northzone joined the syndicate in 2017, leading a €7.5m funding round alongside D-Ax and Norrsken.

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

According to the firm, it prevented 3700 tonnes of food from going to waste in 2018.

Matsmart launched in Sweden in 2014 and has since expanded to Finland. It employs 150 people and last year it posted a turnover of SEK 400m.

People
Matsmart – Karl Andersson (CEO).

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• Topics
• Expansion
• Consumer
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• Northzone
• Sweden