Kinnevik made a $35M investment transaction with the Norwegian online-based food store Kolonial.

Norway Sweden Investments 25 April 2019
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Kolonial, an Oslo, Norway-based online grocey retailer, announced that its existing investor, Investment AB Kinnevik, made a NOK 300M ($35M) financial commitment to the company.

The deal, which was closed in Q1 2019, involves a NOK 150M ($17.3M) placement via a convertible loan and a secondary transaction of existing shares from early investors.

Kinnevik first invested in Kolonial in 2018, in a NOK 300M deal that gave the Swedish investor a 15% equity stake. Following the 2019 transaction, Kinnevik will own roughly 25% while founders will be at a 30% stake.

Kolonial, founded in 2013 by ten entrepreneurs led by CEO Karl Munthe-Kaas, is the largest online grocery store from Norway.