Norwegian online grocery firm Oda raises $151 mln as value declines
06/12/2022 14:00
OSLO, Dec 6 (Reuters) - Norwegian online grocery firm
Oda said on Tuesday it had raised 1.5 billion Norwegian crowns
($151 million) in a round of funding from investment companies
Kinnevik KINVb.ST , Verdane and Summa Equity.
The latest funding valued Oda at 3.5 billion crowns, less
than half the 7.5 billion it was valued at during a similar
round in April 2021.
The company, which tuned a profit in Norway last year, said
it will adjust its costly international growth ambitions.
"We will focus on our current initiatives in Finland and
Germany, and plan to seek profitability in existing markets
before expanding to other countries," Chief Executive Karl
Munthe-Kaas said in a statement.
Rasmussen Group, Prosus and Kinnevik have agreed to
contribute 621 million crowns in equity through debt conversion,
Oda said.
($1 = 9.9332 Norwegian crowns)
(Reporting by Terje Solsvik, editing by Gwladys Fouche)
((terje.solsvik@thomsonreuters.com; +47 918 666 70; Reuters
Messaging: terje.solsvik.thomsonreuters.com@reuters.net))