Kolonial raises $24M and adds Kinnevik as a significant minority owner in the company.

Kolonial, an Oslo, Norway-based company providing an ecommerce platform for food retail, announced getting into an investment agreement with Swedish investment company Kinnevik.

The deal involves a capital infusion of NOK 200M ($23.7M) and a NOK 100M secondary transaction following which the investor will own a 15% stake in the Norwegian online grocery retailer.

Kolonial, founded in 2013 and led by CEO Karl Munthe-Kaas, provides via kolonial.no grocery delivery to approximately 40% of Norwegian households, a share that they expect to expand over time. The company grew revenues by 88% to approximately NOK 800M ($95M) in 2017.

Prior to this transaction, the company raised almost $40M in outside funding, from investors such as REMA 1000, Verdane, Arctic Capital or Alliance Venture.