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Wolt closes $530M round to continue expanding beyond restaurant 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. The round was led by Iconiq Growth, with participation from Tiger Global, DST, KKR, Prosus, EQT Growth and Coatue.
Previous backers 83North, Highland Europe, Goldman Sachs Growth Equity, EQT Ventures and Vintage Investment Partners also followed on. The new round takes the total amount of financing Wolt has raised to $856 million. 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.
“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. “Despite the turbulence of 2020, we’ve remained focused on growth, tripling our revenue to a preliminary $330 against a net loss of just $38 million. 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”.
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