KKR, Iconiq Capital back food delivery business Wolt as part of $530m investment round

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Global buyout giant KKR is among investors providing a $530m investment to European food delivery business Wolt.

Iconiq Capital is leading the round, while Tiger Global, DST, Prosus, EQT Growth and Coatue are also taking part as new investors.

Existing backers 83North, Highland Europe, Goldman Sachs Growth Equity, EQT Ventures and Vintage Investment Partners reupped in the business through the capital raise.

Wolt delivers food in 23 countries, including Germany, Sweden and Greece as well as several Eastern European countries, Japan and Israel.

Company CEO Miki Kuusi said, “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.

“Despite the turbulence of 2020, we’ve remained focused on growth, tripling our revenue to a preliminary $345m against a net loss of $45m.

“Compared to the $662m in new capital that we’ve raised during the past year, this puts us into a strong position for investing in our people, technology, and markets when thinking about the next few years ahead.”

Private equity firms have been instrumental in backing some of the biggest players in online food delivery in recent years, including Deliveroo, Delivery Hero and Just Eat.

Deliveroo hit a greater than $7bn valuation last week thanks to a $180m funding round ahead of a planned IPO.

Last month Just Eat said UK food orders had surged 400% in the last quarter of 2020 thanks to the lockdown to deal with the Covid-19 pandemic.

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