Matsmart raises SEK 350 million in a round led by SEB Private Equity and Gullspång Re: food Invest

Matsmart, a Stockholm, Sweden-based online discount retailer for non-fresh food, announced the completion of a SEK 350M ($41M) capital investment round.

The money was raised from a range of local investors from Sweden, led by SEB Private Equity and Gullspång Re: food Invest, and including existing shareholders Northzone, Norrsken VC, Novax, Ingka Group (IKEA) and LeadX Capital.

The funding will be used for international expansion, which began in 2020 with a launch in Germany.

Matsmart, founded in 2014 by CEO Karl Andersson, Erik Södergren and Ulf Skagerström, is an online food retailer selling mis-labeled or outgoing goods at discounted prices with home delivery.

The service is available in Sweden, Finland as well as in Denmark and Germany, where it operates under the Motatos name. The company says it recycled a total of 20k tonnes of food to date, compared to an annual global food waste of 1.6 billion tons, and produced sales of SEK 371 million ($43.5M) in 2019.

Prior to this round, Matsmart raised about $39 million, last round of $18 million in 2019.