SoftBank, Prosus lead €223m round for Kolonial

According to TechCrunch, the latest round gives the company a post-money valuation of €750m, up significantly from its last valuation of around $178m in 2017. The publication also reported that in 2020, the company's revenues exceeded €200m. 

Existing backers Kinnevik and Norwegian discount chain operator Rema also took part in the round.

Oda will use the funding to expand to more markets, starting with Finland and then Germany in 2022.

Previous funding
In 2015, Verdane invested an undisclosed amount in Kolonial. A year later, discount store Rema 1000 acquired a 10% stake in the company for an undisclosed amount.

In 2017, Rasmussengruppen, Stenshagen Invest, the Varner family and Pactum invested NOK 150m in the company. 

In 2019, Kinnevik provided a convertible loan of NOK 300m to the company. 

Company
Founded in 2013 and formerly known as Kolonial, Oda is an online grocery retailer based in Oslo.

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• Topics
• Expansion
• Nordics
• Consumer
• e-commerce
• Norway
• Softbank
• Kinnevik
• Nordic venture