In a Stockholm-to-Stockholm transaction, online grocer, and of course delivery service, Mathem has acquired crosstown competitor Kavall for an undisclosed sum.
According to a statement issued by Mathem, the company has acquired Kavall fully and wholly, as the company aims to shore up its position as market leader when it comes to Swedish chefs getting their goods in a hurry.
In addition to the ongoing and inevitable consolidation taking place in the food deliveries market, in the same statement, Manthem noted that, “capital is also secured from Kavall's four largest owners Bonnier Ventures, Inbox Capital, Nicoya, and VNV Global in Mathem's upcoming financing round, where the focus is on the continued development of the new automated logistics facility in Larsboda in Stockholm, which was put into operation at the end of last the year,” and perhaps a harbinger of things to yet further develop, “The facility means important streamlining of Mathem's operations.”
Kavall burst onto the scene in 2019 with the announcement of a €4.9 million funding round, although the company cites 2021 as a launch date. Over the course of three rounds the company accumulated just over €20 million from nine investors including those listed above and Bring Ventures, Nordic Angels, 31 Atlantic Capital, and Fredrik Jung-Abbou from Kry and Samir Bachkani, who founded Hungrig.se which was later acquired by Foodora in 2019.
While an educated guess might point to a firesale, Kavall CEO John Tengberg’s optimistic tone suggests otherwise, “It feels very fun and exciting that Kavall will now become part of Mathem, which with its strong brand and well-established operational activities provides fantastic conditions for the future. We have both seen the strong demand that exists for fast deliveries, and look forward to seeing how we can develop this business successfully together through Mathem Express.”
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