In a recent interview, Wolt’s Co-founder and EO Miki Kuusi said the company’s true ambition is to become an eCommerce enabler for small businesses.
And it has ambitions to be much more than the euro version of DoorDash, which recently raised $3.3 billion in its own IPO. Wolt describes itself as a technology company. “We raised this round of financing to further strengthen our balance sheet, allowing us to think long-term and double down on building even stronger positions across our markets while continuing to expand our offering beyond the restaurant,” Miki Kuusi, CEO & co-founder of Wolt said in a statement. Last year the company had 700 people in 20 countries. Wolt has so much cash on hand from raising nearly a billion since launch that it has ample dry powder to invest in people, product development, distribution, time to think about where to take the business. It did generate a net loss of $45 million for the year. It has formed relationships with more than 1,500 grocery retailers thus far, on top of its network of restaurants.Īs a result, the company more than tripled its revenue in 2020 to $345 million. The company expanded its business into delivering groceries and other essentials. In 2020, Wolt seized the moment and leaned into the opportunities the pandemic presented. The company currently operates in 129 cities around the world and has relationships with 30,000 restaurants. Wolt isn’t exactly a household name in North America, but it has become a global force in the delivery space.
The latest funding round was led by ICONIQ Growth. One of last year’s investors was Lukasz Gadowski, co-founder of German-based DeliveryHero, which operates a network of local delivery brands worldwide. Wolt has raised $662 million over the past year and $856 million since the company launched in 2015, serving just 10 restaurants in Helsinki. This despite having more than $100 million of cash on hand from earlier funding rounds. So much so that Wolt has just raised a whopping $530 million. The pandemic has acted like a catapult for the company. Wolt, Finland’s answer to DoorDash, was on a steep trajectory before COVID.
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