Helsinki-based food delivery service start-up Wolt has secured €137 million in its Series C Round. ICONIQ Capital led the funding round, which was the company’s biggest financial deal to date.
With additional investment from Highland Europe, Lifeline Ventures and existing investor EQT Ventures, the Series C brings Wolt’s total funding to date to over €156.6 million.
The food delivery start-up has developed a mobile-based platform where users can order from local restaurants and food vendors.
Wolt’s customizable pre-order feature allows the user to select the time and place they would like their food delivered.
Additionally, their optimized logistics in real-time allow Wolt to deliver food more efficiently than the wider industry.
By focusing on partnerships with restaurant owners and couriers, Wolt uses pre-order algorithms to accommodate logistical concerns of partners to enhance operation on all fronts.
Growth to Optimization
1.5 years ago Wolt operated in 4 countries and 10+ cities and now performs in 15 countries and 50+ cities. This is a testament to Wolt’s focus on sustainable growth and development.
Wolt plans to dedicate its newly acquired funding to growing its team. Their ambitious goals include hiring 1,000 team members in all areas of operation by the end of 2020.
Funding will also be allocated to maintaining platform infrastructure, reflecting their roots as a technology business. They aim to keep their spot as the leader in real-time logistics optimization.
Success in Long-Term Vision
In a press release regarding the recent round, the company statement stated, “We’re building a sustainable, efficient, and profitable company that is here to stay for the long-term.”
By channeling recent funds into recruiting and platform performance, Wolt is setting up success in its continuing efforts to expand its operations without limits.
The food delivery service has established profitable margins throughout its transition from low to high-density populated areas.
They plan to use their greater funding to continue to increase margins for restaurant owners and couriers earnings.