Mathem secures financing of $131 million in debt and equity.

MatHem, a Stockholm, Sweden pure-play online grocery retailer, announced securing a funding round totalling SEK 1.1 billion ($131M).

The money is mostly debt - a six year loan facility of SEK 700 million ($83.3M) provided by the local investment company from Sweden, PCP. Existing investors Kinnevik AB and AMF also contributed to the round with 150 and 100 million respectively, and were joined by a new one, Stena Group with SEK 50 million.

The deal values MatHem at SEK 4.1 billion ($488M).

The proceeds will be used to further scale MatHem’s operations in Stockholm, Göteborg and Malmö over the coming years.

MatHem, founded in 2006 by Tomas and Karolin Kull (the Kull family) and led by CEO Johan Lagercrantz, built a strong household brand as it offers a broad range of grocery products and adjacent household consumables, catering to more than half of Swedish households. The company produced sales of SEK 2.3 billion ($274M) in 2020, 50% growth yoy.

MatHem is majority owned by Kinnevik, Verdane and AMF and has raised a last round in 2020, at $51 million.