Matsmart to raise €24 million in a round of funding led by Blume Equity

Matsmart, a Stockholm, Sweden-based online discount retailer for non-fresh food, announced completing a €24 million ($27.8M) additional equity fun raising round.

The money was raised from investors ld by the British investors from Blume Equity, joined by existing shareholders SEB Private Equity and Gullspång (via its Re: food Invest fund).

Proceeds will be used to fuel the worldwide expansion under its Motatos brand.

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 company offers a platform for people to buy FMCG items that would otherwise be thrown away because of reasons like surplus amount, expiration, incorrect or damaged packaging at a much lower cost than its original. Motatos also offers to deliver these FMCG items directly to the doorstep of its consumers.

The service is available in Sweden, Finland as well as in Denmark and Germany, where it operates under the Motatos name.

Matsmart previously raised $41 million earlier in 2021 and $18 million in 2019.