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Unquote
  • Expansion

Kinnevik leads $51.6m round for Mathem

  • Mariia Bondarenko
  • Mariia Bondarenko
  • 17 February 2020
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Stockholm-based investment firm Kinnevik has led a $51.6m founding round for Swedish online grocery retailer Mathem.

Kinnevik is injecting $15.5m (SEK 150m), bringing the GP's total investment in Mathem to $113m (SEK 1.1bn) to date, equating to a stake of 36%.

The round also saw participation from AMF, which invested $28.9m (SEK 280m) to become Mathem's third largest shareholder with a stake of 10%. Also participating were existing shareholders Verdane and Clas Ohlson.

Mathem

  • DEAL:

    Expansion

  • VALUE:

    $51.6m

  • LOCATION:

    Stockholm

  • SECTOR:

    Food retailers & wholesalers

  • FOUNDED:

    2009

  • TURNOVER:

    SEK 1.35bn (2018)

  • STAFF:

    1,500

The fresh capital will be used to develop a new environmentally certified warehouse in Larsboda and to continue expanding the retail delivery business.

Mathem's new CEO, Johan Lagercrantz, joined the company in December.

Previous funding
Verdane Capital Partners invested in Mathem in 2010. Subsequently, Rite Ventures backed a growth capital round for the company in December 2014. Terms of the deal were not disclosed.

In June 2015, the company raised SEK 207m from Danish e-commerce investor Anders Holch Povlsen.

In January 2017, existing investor Verdane along with Ferd Ventures invested SEK 160m in the company.

In February 2019, Verdane agreed to sell part of its stake in Mathem to Kinnevik together with the company's other shareholders. Kinnevik invested SEK 400m in primary capital in the business, and SEK 500m through secondary share purchases.

Company
Founded in 2009, Mathem operates an online grocery store and delivers food to Swedish homes. It claims to have the largest online grocery assortment in Sweden, including a broad range of organic products. The company is headquartered in Stockholm, and has a workforce numbering 1,500 employees. Mathem's total revenues for 2018 came to SEK 1.35bn, and it completed more than one million deliveries during the year.

People
Kinnevik – Georgi Ganev (CEO).
AMF – Anders Oscarsson (head of equities).
Mathem – Johan Lagercrantz (CEO).

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  • Topics
  • Expansion
  • Nordics
  • Consumer
  • Sweden
  • Kinnevik
  • Verdane Capital Partners

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