Wolt

Founded in 2014, Wolt offers a service for searching and delivering restaurant food, as well as other goods. Wolt is based in Helsinki and operates in 23 countries and more than 120 cities in Europe, the Middle East and Africa, the company has more than 40 thousand couriers, cooperation has been established with 15 thousand restaurants.

Performance indicators

Wolt co-founder and CEO Miki Kuusi noted that despite the turbulence of 2020, the company is still oriented towards growth - it managed to triple revenue to $330 million, a net loss of $38 million.

History

2021

DoorDash bought Wolt Enterprises for 7 billion euros

On November 9, 2021, the sale of Wolt Enterprises to the American food delivery service was announced for DoorDash 7 billion euros. The buyer will pay for the entire transaction, which is planned to be closed in the first half of 2022, with its shares.

After fulfilling all the terms of the transaction, Wolt co-founder and CEO Miki Kuusi will head the foreign business of DoorDash. By November 2021, Wolt operates in 23 countries, including Kazakhstan and Georgia, and the state has about 4 thousand people. After joining the DoorDash, the Finnish company will continue to operate under its brand in those countries in which it is already present.

DoorDash acquired Wolt Enterprises for 7 billion euros

The sale of Wolt Enterprises marks the exit from the capital of Yuri Milner, a startup of the DST Soundfund. How profitable the investments of DST Global in the Finnish food delivery service turned out is not reported. According to Crunchbase, for the entire existence of the startup at the time of the sale of the company, DoorDash attracted $850 million in investments.

For DoorDash, the deal is a way to enter new markets and strengthen their position. The company became the beneficiary of the pandemic, although it continues to be unprofitable, the publication TechCrunch notes. The capitalization of DoorDash by November 10, 2021 is $65 billion. On the day the deal was announced, the company's quotation rate soared by 12%.

We are confident that the merger will help accelerate product development, increase the market focus of each of the companies and increase their value to customers, sellers and couriers around the world. Thanks to this transaction, DoorDash will be able to significantly strengthen its position in the European market. Reuters, citing analysts, reports that DoorDash has been preparing for some time to launch its services in Germany and Mexico. By the end of September 2021, the DoorDash had 2.5 million active users.^[1]

Attracting $530 million in investments

At the end of January 2021, the Helsinki company Wolt raised $530 million. The investment round was led by the Iconiq Growth Fund with the participation of Tiger Global, KKR, Prosus, EQT Partners, Coatue, as well as the Yuri MilneradST Global Fund. The latest round also included current investors 83North, Highland Europe, Goldman Sachs Growth Equity, EQT Ventures and Vintage Investment Partners, which previously invested about $302 million in Wolt.

The funds raised, according to Wolt co-founder and CEO Miki Kuusi, the company invests in its people, technologies and presence markets.

The shipping service from Finland Wolt raised $530 million

During its five years of operation, Wolt has increased the number of restaurants served from 10 to more than 100. In 2020, under restrictions related to the COVID-19 coronavirus pandemic, Wolt, like other food delivery companies, began offering cosmetics, pet foods and pharmaceuticals on its platform.

At present, we are not going to disclose a value estimate, but we previously reported that the D-series round, which we held in early 2020, valued the company at more than $1.209 billion, "said Kuusi.

The CEO said that the Wolt team managed to create an effective service, given the size and complexity of the Scandinavian domestic market, as well as the limited population density and the presence of very small low-income cities. ^[2]

Notes