Fodi raises more money, acquires Gården Direkt.
Fodi, a Stockholm, Sweden-based grocery ecommerce provider, completed a SEK 17.5M ($1.8M) capital investment round.
At the same time, Fodi announced the acquisition of Stockholm-based Gården Direkt, a b2b food distributor company, for an undisclosed amount. The deal was made via an equity swap, as the Gården Direkt investors received shares in Fodi.
Gården Direkt, founded in 2006 and led by CEO Sakarias Strand, distributes fresh products to local restaurants from Sweden from around 30 farms. The company, which will continue to operate under its own brand, had SEK 22M ($2.3M) in sales in 2018.
Fodi, founded in 2016 and led by CEO Jonas Hammargren, is building a grocery ecommerce operation in Stockholm. The company raised about $2M in the summer of 2019 for fueling its growing ambitions as it expects sales of SEK 100M ($10M) in 2020.