Iconiq Growth leads $530m round for Wolt

Eliza Punshi
26 January 2021

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Iconiq Growth has led a $530m funding round for Finland-based consumer products delivery service Wolt.

Also taking part were Tiger Global, DST, KKR, Prosus, EQT Growth and Coatue as new investors, and existing investors 83North, Highland Europe, Goldman Sachs Growth Equity, EQT Ventures and Vintage Investment Partners. The new round takes the total amount Wolt has raised to $856m.

The deal is EQT Growth's first investment since its launch in October, with the GP investing from EQT's balance sheet.

Wolt CEO and co-founder Miki Kuusi said the funding will further strengthen the company's balance sheet, allowing it to "think long-term and double down on building even stronger positions across our markets, while continuing to expand our offering beyond the restaurant".

The company recently partnered with Carrefour and Spar, expanding its services from food delivery to other products as well.

Kuusi said that, despite the turbulence of 2020, the company tripled its revenues "to a preliminary $345m against a net loss of $45m."

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 in June 2019. Highland Europe, EQT Ventures and Lifeline Ventures also invested in the rounds.

In May 2020, Wolt raised €100m in a series-D round from Iconiq, Highland Europe, 83North and EQT Ventures, and new investor Goldman Sachs Growth Equity. Less than six months later, Wolt raised €7.5m in funding from angel investor Lukasz Gadowski.

Company
Founded in 2014 and based in Helsinki, Wolt is a food, grocery, and retail delivery company. It works with 30,000 restaurant and retail partners, and operates in 23 countries. It has 2,200 employees.

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