Finnish food delivery scale-up Wolt raises €100 million from (mostly) existing investors to ‘prep for an uncertain future’

Less than a year after securing $130 million, Finnish food delivery startup Wolt has raised a new €100 million round of funding from prior backers ICONIQ Capital, Highland Europe, 83North and EQT Ventures. The only new investor added to the roster is Goldman Sachs’ Growth Equity unit.

The news comes after publicly listed rival announced a €700 million fundraise and the approval of its merger with UK-born Just Eat.

In a blog post, Miki Kuusi, the CEO and co-founder of Wolt, talks about how the coronavirus outbreak has affected its business (not necessarily in a bad way in the short term), but also how the uncertainty of it all led to the Finnish upstart to add cash to its coffers:

“Our responsibility is something that should not be taken lightly. On one hand, we’ve seen growth across many of our markets, but on the other hand, we’re facing a lot of uncertainty about what the future holds, as it looks like the world might be heading to a global recession of 6–18 months. It’s this uncertainty that we want to prepare for and do our best to ensure that we’ll be around for many years to come.”

Kuusi says Wolt currently works with more than 10,000 restaurants and 20,000 couriers across 22 countries and 80 cities, with a staff that exceeds 1,000 people today – up from 450 when the last round was announced.

If you’re interested, we featured Wolt and Kuusi in our recent report on late-stage funding for European tech companies.

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