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The online food delivery market is one of the massive business opportunities across the world. This market is estimated to grow from $35 billion to a whopping $365 billion in a decade. As it is a massive opportunity, every company in this sector wants to grow along with the industry. One such startup in the food delivery sector that is aimed at disrupting the market is Wolt.
Raised €142M funding
In a recent development, Helsinki-based Wolt, a food delivery startup has raised $160 million (nearly €142 million) in a new funding round. This funding consists of two undisclosed rounds in the past including the $130 million (nearly €115 million) Series C funding led by ICONIQ Capital and $30 million (nearly €26.5 million) Series B funding led by 83North.
The other investors that took part in the latest funding round are Lifeline Ventures, Highland Europe and EQT Ventures. The fresh investment raised by the Finnish food delivery startup will be used for the growth and expansion of the company.
Wolt is on a hiring spree!
The company’s co-founder Miki Kuusi stated that they would use the investment heavily towards marketing and acquiring new customers. Wolt is on a hiring spree targeting to hire nearly 1,000 individuals in the next 18 months. Notably, the food delivery startup employs around 450 people right now.
Food delivery based on proprietary technology
Founded in 2014 by Mikko Kuusi in Helsinki, Wolt operates based on its proprietary technology and works with over 5,000 restaurants and 10,000 courier partners across 50 cities in 15 countries across Europe including Prague, Athens, Tel Aviv, Estonia and more. This platform optimises logistics in real-time letting the startup deliver food more efficiently.
Focuses on smaller cities
Unlike food delivery giants including Deliveroo and Uber Eats that focus on the densely populated cities with over 1 billion people, Wolt has its focus on smaller markets with a relatively lower population density. The company witnesses fewer orders and has to cover longer distances in these smaller cities. However, Wolt faces these challenges with machine learning algorithms that predict order flow and optimise the courier routes.
Stay tuned to Silicon Canals for more updates in the tech startup world.
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