Wolt raises €100m in series-D funding round

Eliza Punshi
19 May 2020

Tweet
Facebook
LinkedIn
Google plus
Send to

The developer of Finnish food delivery app Wolt has raised тЌ100m in a series-D funding round from current investors Iconiq Capital,Т Highland Europe,Т 83NorthТ andТ EQT Ventures,Т and new investorТ Goldman Sachs Growth Equity.

The company has so far raised $283.5m since being founded in 2014, according to Crunchbase. Since the previous funding round in June last year, the company has grown from having 450 employees to 1,000.

The latest funding is to help the business through the uncertainty caused by the Covid-19 pandemic.

Sister publication Mergermarket reported earlier this year that the company has plans to list. It cited founder and CEO Miki Kuusi as saying that the company had two options for its future – listing or sale.

He reportedly said at that time that the company's founders aimed for it to list as Europe needed large tech companies like Wolt.

Wolt CEO Miki Kuusi said in a blog post: "On one hand, we've seen growth across many of our markets, but on the other hand, we're facing a lot of uncertainty about what the future holds, as it looks like the world might be heading to a global recession of 6–18 months.

"We've made a conscious decision to prepare for tougher times through venture capital, not by applying for government aid. Without the global crisis and a possible recession ahead, we would not have been raising a round, but it's our responsibility to do everything we can to be there for our employees and partners."

Previous funding
In November 2014 and 2015, Wolt raised an undisclosed amount in angel and seed rounds, according to Crunchbase. It raised $12.5m in a series-A round in April 2016 from EQT Ventures, and private investors Niklas Zennström, Ilkka Paananen and Risto Siilasmaa.

This was followed by a $30m series-B round led by 83North in January 2018, and a €137m series-C round led by Iconiq Capital in June 2019. Highland Europe, EQT Ventures and Lifeline Ventures also invested in the rounds.

Company
Founded in 2014 and headquartered in Helsinki, Wolt provides an online food delivery platform. It is present in 80 cities in 22 countries across Europe and Asia. It employs 1,000 staff.

People
Wolt – Miki Kuusi (co-founder, CEO)