Sweden’s Kinnevik invests €14.8 million in online grocer MatHem’s €108.7 million funding round


Kinnevik is clearly going all-in on the red-hot online grocery delivery market. Just two weeks ago, they dropped at cool €220 million on Norway’s Kolonial (now Oda), and now how jumped into MatHem’s shopping basket (again) to the tune of €14.8 million in the grocer’s €108.7 million funding round.

Kinnevik is joined by existing investors AMF and Stena, and the funding round also included €69.2 million in debt facility financing provided by P Capital Partners.

”Kinnevik is proud to support the continued growth of MatHem as it expands its product range and gains market share. I am impressed by how Johan and his team has met the increased interest in having groceries delivered to your doorstep, and I am convinced that MatHem will continue to develop its customer offering and efficiency,” comments Kinnevik CEO Georgi Ganev.

This new injection of capital is expected to be used towards MatHem’s continued expansion, including the opening of a new fulfillment centre in Larsboda, a suburb just south of Stockholm.

In addition to MatHem’s just-about-everything offerings, they’ve also struck a deal with Sweden’s third-largest pharmacy chain, Kronans Apotek, and will soon be offering home delivery of these products.

Over the course of 2020, MatHem posted a sales growth of 50% year-on-year, totaling approximately  €227.4 million.

“MatHem has a clear focus on growth and increased efficiency in our continued journey towards profitability,” adds MatHem CEO Johan Lagercrantz. “We work hard to constantly develop to meet our customers’ needs and for our e-commerce of groceries with home delivery to contribute to a more convenient and simpler everyday life.”

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