Norwegian online grocery firm Oda raises 223 mln euros (updated)
08/04/2021 07:23
(Adds Kinnevik comment, detail)
STOCKHOLM, April 8 (Reuters) - Norwegian online grocery firm
Oda said on Thursday it had raised 223 million euros ($265
million) in a funding round led by technology investment firm
Prosus NV PRX.AS and SoftBank 9984.T to help it expand.
Oda, which delivers of groceries, meal kits and household
items to Norwegian homes, said existing investors Kinnevik
KINVb.ST and REMA had participated in the investment round,
which was managed by Carnegie.
The company, which is changing its name from Kolonial, will
use the funding to start its international expansion.
"We look forward to bringing our service to customers in
Finland later this year, and Germany in 2022," Oda CEO and
co-founder Karl Munthe-Kaas said in a statement.
Kinnevik said that Oda's development and the new funding
round pointed to a value increase of more than 40% to just below
1.6 billion crowns for its investment in Oda. The investment was
valued at 1.087 billion crowns in Kinnevik's year-end release.
The Swedish investment firm added that it becomes Oda's
biggest shareholder through the deal, with a 21% stake.
Oda currently accounts for more than 70% on the online
grocery orders in Norway.
"Oda's leadership and impressive growth in Norway paired
with its ground-breaking technology and ambition to scale across
Europe and beyond makes them an ideal partner to tackle the
grocery opportunity over the coming years," Prosus Food CEO
Larry Illg said.
Oda said SoftBank investor Neil Cunha-Gomes and Roger
Rabalais, CFO at Dutch-based Prosus Group's Food Delivery, will
join its board as part of the transaction.
($1 = 0.8418 euros)
($1 = 8.4636 Norwegian crowns)
(Reporting by Helena Soderpalm; editing by Simon Johnson and
Jason Neely)
((helena.soderpalm@thomsonreuters.com; +46 8 700 10 15; Reuters
Messaging: helena.soderpalm.reuters.com@reuters.net))