Norwegian online grocery retailer Kolonial.no has raised €31.4 million from Kinnevik, which in turn will receive a 15% stake in the company. Kolonial.no was founded in 2013 and offers grocery delivery to approximately 40% of Norwegian households. The company’s revenues grew by 88% in 2017, to €83.7 million.
“Kinnevik is a dream partner for us,” said Karl Munthe-Kaas, CEO of Kolonial.no. “We feel there is a great fit in both the strategic vision and the values of our companies. Our ambition is to make grocery shopping an effortless and inspiring activity for everyone and bring freedom in their everyday lives. Kinnevik has the right expertise and the right mindset to help us in this journey and we are very excited to work with them.”
“We are excited to lead the funding round in Kolonial.no, a company that fits squarely into our investment thesis of using technology to offer consumers more and better choice,” said Andreas Bernström, Kinnevik’s Investment Director. “We have been impressed by the founding team and what they have achieved in a relatively short period of time. Kinnevik is well placed to support the team in scaling the business and we look forward to working with Kolonial.no to reach their goals.”