We simply had no other choice than to do it this way as we came from such a difficult home market”. “This means that we can operate efficiently even with relatively low order volumes, enabling us to grow and expand rapidly with much less financing than some of the other players in the market. To solve this, Wolt needed to build an “optimization-heavy logistics setup for last-mile delivery” that Kuusi says lets the service operate even in “very small cities with low income disparity, limited population density and high labor costs”. However, this was especially difficult to do efficiently and sustainably in a small and difficult home market in the Nordics.
We do this by handling the complexity of the delivery on the restaurant's behalf”. “We quickly learnt that the magical product market fit for bringing the restaurant online was to offer a quick and predictable delivery experience from restaurants that didn't use to be available for delivery. “We started with an exclusive focus on the restaurant, as it's the biggest local service with an underlying high-frequency use case,” he says.
#WOLT HELSINKIBASED 530M ICONIQ OFFLINE#
Kuusi says that the latest funding round is based on the belief that local services in the offline world will gradually be brought online by players “that can execute and maintain a great customer experience”. Compared to the $670 million in new capital that we’ve raised during this year, this puts us into a strong position for investing in our people, technology, and markets when thinking about the next few years ahead”. “Despite the turbulence of 2020, we’ve remained focused on growth, tripling our revenue to a preliminary $330 million against a net loss of just $38 million. “We operate in an extremely competitive and well-funded industry, and this round allows us to have a long-term mindset when it comes to doubling down on our different markets,” says co-founder and CEO Miki Kuusi in a statement. Wolt declined to disclose the company's latest valuation, although we know from the previous D round that the company is one of Europe's so-called unicorns. The new round takes the total amount of financing Wolt has raised to $856 million.
Previous backers 83North, Highland Europe, Goldman Sachs Growth Equity, EQT Ventures and Vintage Investment Partners also followed on. The round was led by Iconiq Growth, with participation from Tiger Global, DST, KKR, Prosus, EQT Growth and Coatue. This is what Wolt focuses on - building the most efficient company in food delivery.Wolt, the Helsinki-based online ordering and delivery company that initially focused on restaurants but has since expanded to other verticals, has raised $530 million in new funding. However, while virtually everyone operating in this market can show extremely strong growth, it is incredibly difficult to do this while also building a viable business for the long-term. “This is a massive opportunity across all geographies for companies like Wolt to tackle. “The online food delivery market is estimated to grow globally from $35 billion today to $365 billion by 2030,” said Miki Kuusi, co-founder & CEO of Wolt. It also claims to be working with more than 5,000 restaurants and 10,000 couriers. The company currently operates in 50 cities across 15 countries and employs 450 people. Finnish food delivery service Wolt has just gobbled up a $130 million funding round led by ICONIQ Capital, with participation from existing investors 83North, EQT Ventures, Highland Europe, and Lifeline Ventures.įounded in 2014 in the Finnish capital, Wolt is a service that facilitates the delivery of food from local restaurants to customers in the same way as the other players in this niche.
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