As with just about every aspect of our former non-digital lives, the global pandemic has rapidly accelerated changes that were bound to come. And if it wasn’t already apparent, Oslo-based Kolonial’s raise of ~€220 million (2.2 billion NOK) is yet another indicator of the already red hot European online grocery delivery sector.
The round was co-led by Softbank and Prosus, with Kinnevik now owning 21% of the company. ”Since our first investment in 2018, Karl and his team have consistently impressed us with their combined focus on growth and efficiency, achieving world-class productivity levels in their fulfilment operations. We are happy to welcome fellow leading global tech investors Softbank and Prosus as shareholders, and we look forward to working with them,” comments Kinnevik CEO Georgi Ganev.
Looking beyond the Norwegian borders, the fresh funding is expected to be put towards expansion plans, beginning with Finland, with a new fulfilment centre is slated to open in Helsinki later this year.
Likewise, Kolonial is preparing expansion into the €220 million German online grocery market and is using this time and money to rebrand as Oda.
As the saying goes, time is money, and as with many things Scandinavian, one of Oda’s keys to success is efficiency. The company reports to its 212 UPH (units processed per labour hour at the warehouse), compared to 169 UPH of the UK’s leading online grocer, all attributed to the Nordic philosophy of employee wellbeing and a commitment to sustainability.