Gelato becomes Norway's latest unicorn as it raises $240 mln

Kahoot ASA

16/08/2021 07:00

STOCKHOLM, Aug 16 (Reuters) - Norway's Gelato, which
provides services to e-commerce companies, said on Monday it had
raised $240 million in a funding round which included private
equity firm Insight Partners, valuing the Oslo-based firm at
over $1 billion.
    Gelato's platform, with over 100 production partners in 32
countries, helps e-commerce companies link to producers close to
the location of purchasers, reducing delivery distances and the
environmental impact.
    It said the funding was led by New York-based Insight
Partners, with SoftBank  9984.T , Goldman Sachs Asset Management
and existing investors Dawn Capital, Gelato Chairman John
Hepburn, SEB Pension Fund and Norfund CEO Tellef Thorleifsson
also participating in the round.
    Thorleifsson told Reuters the funding round valued the
Norwegian firm at slightly over $1 billion, making it the latest
Nordic unicorn.
    Gelato CEO Henrik Müller-Hansen said the firm had raised
roughly $300 million in total, including the latest financing
round.
    "From an entrepreneur's perspective you can access Gelato
and have on-demand local production and distribution with no
upfront costs. You no longer need any warehousing,"
Müller-Hansen, who founded the firm in 2007, said.
    He added that Gelato had been inspired by large Nordic firms
such as Kinnevik  KINVb.ST  and payments firm Klarna.
    "If we can be part of that inspiration, if we can help
foster and expand entrepreneurship in the Nordics, I'm very
happy," Müller-Hansen told Reuters.
    Previous Norwegian unicorns include online education firm
Kahoot  KAHOT.OL , online grocery firm Oda and storage
technology company Autostore, all backed by SoftBank, as well as
industrial data firm Cognite, an affiliate of Aker ASA
 AKER.OL .     
    Gelato said it would use the funding to grow in the United
States and Asia, and for new local production hubs and products,
including 3D printing.

 (Reporting by Helena Soderpalm, additional reporting by Terje
Solsvik; editing by David Evans)
 ((helena.soderpalm@thomsonreuters.com; +46 8 700 10 15; Reuters
Messaging: helena.soderpalm.reuters.com@reuters.net))