Stockholm-based MatHem, a company that claims to be Sweden’s largest online grocery store and the leading ecommerce company in the grocery trade, announced on Wednesday, May 17, that it has raised nearly SEK 1B (approx. €84.93M) in an oversubscribed round.
In connection with the raised funding, MatHem has renegotiated its external credit financing to strengthen its financial flexibility moving forward.
Investors in this round
The main shareholders including Kinnevik, Axfood, Verdane, and AMF, have all invested in this funding round. New investors, such as Bonnier Ventures and VNV, also supported this investment.
Carl Stenbeck, a board member of Mathem and Axfood’s owner representative, says, “Axfood covers several parts of the Swedish grocery market with its various store concepts and we look positively at Mathem’s long-term potential in food products with home delivery.”
“We are convinced that there will be a continued movement towards online-based trading and through our ownership in Mathem we have a strong position within this part of the market.”
Groceries delivered to doorstep
Founded in 2009 by Karolin Kull and Tomas Kull, MatHem is an ecommerce company that combines a complete grocery store online with recipes and subscriptions for ready-made groceries.
The company delivers food to customers’ doorstep with their own refrigerated trucks to ensure an unbroken refrigerated chain. It owns the entire distribution chain from ordering and warehousing to refrigerated and freezer trucks for the ‘highest’ quality and service.
MatHem’s grocery store provides a flexible ecommerce service for groceries, kitchen goods, home furnishings, pharmacy items, and prescription medications, among other things.
Mathem is located in Stockholm, Gothenburg, Malmö and claims to reach around 55 per cent of Sweden’s households. Its turnover in 2021 was SEK 2.7B (approximately €237.26M).
Recently, the company acquired 100 per cent shares in Kavall, a homegrown competitor that promises to deliver groceries in ten minutes.
Capital utilisation
MatHem says it will use the funds to invest in its business plan towards profitability and to strengthen its position as Sweden’s largest online grocery shop.
Johan Lagercrantz, CEO of Mathem, says, “We are now putting all our focus on realising the business plan which will ensure that the company continues its growth journey, reaches profitability, and strengthens its position on the grocery market in Sweden.”
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