Food delivery company MatHem raises €47.5 million to continue expanding across Sweden
by Annie MusgroveSwedish online grocer MatHem has raised 500 million SEK, or €47.5 million, to develop a new environmentally certified warehouse in Larsboda and to continue expanding its retail delivery business.
The company delivers groceries and small household items and, after ten years in business, has served over half of Swedish households.
MatHem’s investors span several sectors. The latest round of funding includes Kinnevik, an investment company focusing on digital consumer brands; AMF, a Swedish pension company; Verdane, a Berlin-based private equity firm; and Clas Ohlson, a Swedish hardware store chain.
The new funding puts MatHem’s valuation just above €266 million. At this point Kinnevik owns a 36 percent stake in the company, while AMF owns about 10 percent.
Georgi Ganev, CEO of Kinnevik, commented: “MatHem continues to be at the forefront of the transformation in the grocery space, and a clear leader in its core market.”
There was no mention of ambitions to expand outside of that core market, despite the new investment and another €86 million fundraise just one year ago.