Mathem adds $43.1M in strategic investment from Kinnevik.

Sweden Investments 14 February 2019
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Mathem, a Stockholm, Sweden-based company operating an ecommerce grocery platform, announced that it secured SEK 400M ($43M) in fresh capital added to the company.

The money was provided by Swedish investor Kinnevik, in a deal that also involved a SEK 500M secondary shares taking, which resulted in an equity ownership of 38%. It is unclear who the selling shareholders were. The deal values Mathem at SEK 2.4bn ($260M).

Mathem, founded in 2006 by Tomas and Karolin Kull, is Sweden's leading independent pure-play online grocery retailer. The company claims to be able to cover more than half of the Swedish households and had a turnover of approximately SEK 1.5bn ($160M) in 2018.

Prior to this transaction, Mathem raised roughly $84M in outside capital, with investors including Verdane Capital, Ferd Capital and Anders Holch Povlsen (Bestseller). In December 2018, Mathem announced a $26M for 10% equity strategic deal with Clas Ohlson, in a partnership including the delivery of the hardware store chain’s products and services on top its own food selection.