![]() ![]() The San Francisco-based firm, which now has about $54 billion in assets under management, uses its network to invest in startups globally. It has backed companies such as Snowflake Inc., Epic Games Inc., the creator of Fortnite, and online trading app Robinhood Markets. ![]() In Europe, the firm put money into fintech Adyen in 2015, scoring a huge win for its investors and has more recently backed Finnish food delivery startup Wolt. Iconiq is now looking for a new investment partner to oversee its European investments, Business Insider reported earlier Monday, citing people familiar with the matter without identifying them. Avance advises KKR in its investment in Wolt Enterprises Oy, a Helsinki-based technology company known for their food delivery platform. Iconiq Capital, the multifamily office that has managed money for tech billionaires including Mark Zuckerberg, has formed a European entity as buoyant valuations propel the region’s startup scene. The move shows the growing appetite for European startups, which have typically commanded lower valuations than their U.S. Wolt raises in total EUR 440 million in a financing round led by ICONIQ Growth to expand Wolt’s speedily-growing retail delivery service faster and further. Payments business became Europe’s largest startup last month after a fundraising round nearly tripled its valuation to $15 billion and U.K. food-delivery startup Deliveroo is said to be exploring a IPO this year, thanks to the popularity of takeout meals amid coronavirus-induced lockdowns. Iconiq has moved well beyond just serving the ultra wealthy. It’s now an institutional asset manager with pension funds such as the Canada Pension Plan Investment Board among its fund investors. Wolt, the Helsinki-based online ordering and delivery company that initially focused on restaurants but has since expanded to other verticals, has raised 530 million in new funding. Last year, Dyal Capital Partners bought a roughly 6% stake in the firm. ![]() He said the pandemic has accelerated the shift toward food delivery by six to eight months.Iconiq didn’t immediately respond to a request for comment. Kuusi said Wolt hasn’t even spent any of those funds, but is now building up a war chest and focusing on growth over profitability. Last May, as the pandemic battered economies across the world, the company raised 100 million euros ($122 million) in a round led by Goldman Sachs Growth Equity to prepare for an economic downturn. In the past year, it’s expanded services beyond restaurant takeaway to delivering groceries and retail goods like pharmaceuticals. Wolt, which launched in 2015, is available in 23 countries and more than 120 cities. We’re going to continue to expand in retail.” “We’re going to continue to expand to new countries and new cities. “With this round, we’re able to take a much more long-term approach when it comes to thinking about investments and thinking about opportunities,” said Kuusi. It wants to complete preparations for an initial public offering this year so its shares can begin trading as early as the end of the first half of next year, said Miki Kuusi, Wolt’s chief executive and co-founder. Last year Wolt’s revenue tripled to a preliminary $345 million with a net loss of $45 million. is valued at $61 billion after its public trading debut in December. startup Deliveroo raised $180 million this month, while in the U.S. New backers joining the round included KKR & Co., Tiger Global Management, DST Global, Prosus NV and Coatue Management.įood delivery companies have been flooded with cash from investors betting the pandemic brought a permanent shift in consumer habits. The Series E round led by Iconiq Growth brings the total raised by Wolt to $856 million, the company said in a statement Monday. ![]() (Bloomberg) - Finnish startup Wolt has raised $530 million and is preparing for a potential 2022 stock market listing in its effort to rival the big players in a surging food delivery industry. ![]()
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