Finnish food delivery startup Wolt has said that it has raised $530 million from a number of investment firms to finance its expansion beyond the delivery of restaurant food.
Wolt, which was founded in 2015, expanded its deliveries in 2020 to include grocery and retail items, tripling its revenues to approximately $345 million, while its net loss was approximately $45 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," Wolt chief executive Miki Kuusi said in a statement.
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The investment round was led by ICONIQ Growth, with Tiger Global, DST, KKR, Prosus, EQT Growth, Coatue, 83North, Highland Europe, Goldman Sachs Growth Equity, EQT Ventures and Vintage Investment Partners also investing.
Wolt, which said that it has now raised a total of $856 million, operates in 23 countries and 129 cities, partnering with over 30,000 restaurants.