US-based DoorDash, a food delivery platform that connects customers with local and national businesses, has announced the acquisition of Wolt, a Helsinki-based food delivery company that specialises in real-time logistics optimisation.
DoorDash is currently present in more than 7,000 cities across the US, Canada, Australia, and Japan. With the acquisition of Wolt, it looks to further accelerate its international expansion.
Transaction overview
The acquisition was completed for approx €7B in an all-stock deal. As part of the transaction, EQT Ventures I fund and EQT Growth are exiting their holdings in Wolt and will receive shares in DoorDash.
The DoorDash equity issued as part of the transaction will be valued at $206.45 per share, based on DoorDash’s 30 day volume-weighted average price (VWAP) as of November 3, 2021.
Miki Kuusi, CEO of Wolt, says, “The entire EQT platform has been critical in our growth and success over recent years. EQT Ventures were one of our earliest backers and have remained with us ever since. In 2021, we were delighted to welcome EQT Growth to the fold as part of our latest funding round. Today, I’m incredibly excited to announce that Wolt is joining forces with the DoorDash team to start our next chapter.”
EQT Ventures led the early Series A round for Wolt in 2016 and has since been a close partner and advisor.
“Delivered quickly, reliably and affordably”
Wolt was founded in 2014 by Miki Kuusi and other co-founders who had a vision of creating a tech-oriented company that would make it easy and fun to discover great food delivered directly to home or office. The company’s co-founders include Elias Aalto, Juhani Mykkänen, Lauri Andler, Mika Matikainen, and Oskari Petas.
The company’s platform enables users to easily discover and get products from the best restaurants, grocery stores, and other local shops delivered at their doorstep.
The company launched in Helsinki, Finland, with ten restaurants. In just five years, the company expanded to 23 countries and 129 cities. Currently, Wolt works with over 30,000 restaurant and retail partners as well as with over 60,000 courier partners.
Wolt went beyond restaurants and takeaways into the grocery and retail sectors. It’s now possible to purchase everything from cosmetics to pet food and pharmaceuticals on the platform. It currently employs over 4,000 people.
To date, Wolt has raised $856M (approx €705M) in funding from investors such as ICONIQ Capital, Tiger Global, DST, Prosus, KKR, Coatue, 83North, Goldman Sachs, Highland Europe and EQT Ventures & EQT Growth, among others.
About DoorDash
Founded in 2013 by Andy Fang, Evan Moore, Stanley Tang, and Tony Xu, DoorDash is a technology company that connects consumers with their favorite local and national businesses.
The company is looking to transform local businesses and is dedicated to enabling new ways of working, earning, and living. By building the last-mile delivery infrastructure for local cities, DoorDash is bringing communities closer, one doorstep at a time.
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