Oda in a €223 million deal, rebrands from Kolonial as it aims to expand in Finland and Germany.
Oda, an Oslo, Norway-based company operating a grocery delivery business, announced that it completed a €223 million ($264.9M) capital investment deal.
The money is a combination of a secondary transaction and a $120 million in capital raised from investors led by Softbank via Vison Fund 2 and Prosus, the investment arm of the South Africa-based Naspers. The two were joined by existing shareholders Kinnevik and local retailer REMA.
Post deal, the founders control 21% of the shares - largest external stakes are owned by Kinnevik at 21%, Rasmussengruppen at 19%, Softbank and Prosus each with a 13,3% part and Rema with 4%.
The deal values the company at $900 million post transaction.
At the same time, the company announced changing its name from Kolonial as it eyes expansion in international markets including Finland and Germany.
Oda, founded as Kolonial in 2013 and led by CEO Karl Munthe-Kaas, operates kolonial.no, a grocery delivery business covering about 70% of of Norway’s online grocery ordering and delivery market, producing about $240 million in sales in 2020, an almost twice as much increase from NOK 1bn ($130M) registered in 2019.
The company is one of the many online grocery startups from Europe funded by venture money, and claims that its differentiator is superior operation KPIs exemplified by an UPH (units per hour) in their warehouses and a $120 average order size.
Prior to this deal, Oda raised about $80 million.