Food shipping and delivery system Wolt raises $500m from world-wide trader group | Business enterprise News

Yet another of Europe’s food stuff shipping giants is raising hundreds of hundreds of thousands of lbs to fund its enlargement, underlining the frenzy of world-wide investor interest which has gripped the sector.

Sky News has learnt that Wolt, a Finnish company which operates in about 20 marketplaces like Germany, Greece and Japan, will announce a big funding spherical as soon as Tuesday.

According to non-public equity sources, the financial commitment giants KKR, Tiger Global and DST will all participate in the spherical as new buyers.

The spherical will be led by ICONIQ Capital, the financial commitment team which manages the fortune of Facebook’s founder, Mark Zuckerberg, one particular of the non-public fairness insiders explained.

Just one trader who held talks with Wolt but did not in the end take component in the most up-to-date fundraising stated it experienced been pitched at a significant quality to its past valuation, possibly making it a single of Europe’s most worthwhile foods shipping and delivery enterprises.

Wolt was started just seven yrs back, and now provides food in 120 cities in 23 international locations.

The megaround highlights the scale of investors’ perseverance to capture a slice of one particular of the sectors benefiting from the coronavirus pandemic.

Doordash lately went community in the US, when Deliveroo, one of Britain’s largest meals shipping players, is drawing up ideas to float in the coming months.

Deliveroo lifted $180m of new capital from current buyers earlier this month, whilst it has strengthened its board by introducing Lord Wolfson, the Up coming main executive, as a non-executive director.

A Wolt spokeswoman declined to comment.