Top 12 Food Delivery Investors in the Nordics
Top 12 Food Delivery Investors in the Nordics
The food delivery industry in the Nordics has rapidly evolved, driven by consumer demand for convenience and diversity. Companies like MatHem and Oda have reshaped how people access groceries and meals, offering an array of services from meal kit deliveries to instant grocery supplies. Amid growing competition, startups are innovating with sustainable options and tech solutions to streamline operations. The trend is leaning toward healthier food choices and faster delivery times. With increasing interest in plant-based and eco-friendly meals, the sector is poised for significant growth in both market offerings and technological advancements over the coming years.
In the Nordic region, a compelling mix of investors shapes the food delivery sector. This list encompasses a blend of venture capital and private equity firms, primarily based in Stockholm and Oslo, reflecting the innovation hub of the area. Investors vary from established entities like Kinnevik and EQT to newer firms such as Kale United. With 2024 showing active deal-making across various sizes, these investors collectively made numerous impactful investments, paving the way for continued growth and innovation in the food delivery space.
Top 12 Food Delivery Investors in the Nordics
1. VNV Global AB
- Website: vnv.global
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1996
- Headcount: 1-10
- Number of deals in 2024: 1
- LinkedIn: vostok-new-ventures-ltd
VNV Global AB is a venture capital investment firm based in Stockholm, Sweden, founded in 1996. The firm focuses on providing capital and expertise to innovative companies across various sectors, including Mobility and Digital Health. VNV Global aims to support mission-driven entrepreneurs in developing scalable and sustainable business models, emphasizing long-term profitability and strong market positions. Among their notable transactions in the food delivery sector, VNV Global invested in Delivery Hero, raising $350 million in a Series G round, and participated in funding for HungryPanda, which raised $70 million to expand its operations. Additionally, they have been involved in other delivery-related startups like Wefast, showcasing their interest in the delivery ecosystem.
2. EQT Group
- Website: eqtgroup.com
- Type: Private Equity
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1994
- Headcount: 1001-5000
- Number of deals in 2024: 30
- LinkedIn: eqt-partners
EQT Group is a prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the food sector, including the acquisition of a majority stake in BackWerk, a German bakery chain, and the acquisition of Qinyuan Bakery. These transactions highlight EQT's commitment to the food industry, which is closely related to food delivery services. Additionally, EQT's investment in FastAF, a tech startup focused on eCommerce, further illustrates its engagement in the broader food delivery ecosystem.
3. Kinnevik
- Website: kinnevik.com
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1936
- Headcount: 11-50
- Number of deals in 2024: 10
- LinkedIn: investment-ab-kinnevik
Kinnevik is an investment company based in Stockholm, Sweden, founded in 1936. They focus on partnering with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. Kinnevik provides both capital and operational support to help companies scale and create long-term value. In the food delivery context, Kinnevik has made notable investments, including a $10 million investment in HelloFresh during its Series B round in 2012, a $20 million investment in Foodpanda during its Series C round in 2014, and multiple investments in HungryPanda, including a $35 million contribution in a funding round in 2020 and a $130 million investment in 2021. Their active engagement in these transactions highlights their commitment to the food delivery industry and their strategy of redefining industries through strategic investments.
4. Verdane
- Website: verdane.com
- Type: Private Equity
- Headquarters: Oslo, Oslo, Norway
- Founded year: 1985
- Headcount: 51-200
- Number of deals in 2024: 7
- LinkedIn: verdane-capital
Verdane is a private equity investment firm based in Oslo, Norway, founded in 1985. The firm specializes in growth equity investments in technology-enabled companies, providing capital and hands-on support to help businesses scale. Verdane focuses on digitalization and decarbonization trends, primarily targeting technology companies looking to enhance their market position and operational efficiency. Notably, Verdane has invested in Oda, a prominent online grocery delivery service, raising significant funds in multiple rounds, including a $149.79 million venture round in December 2022. Additionally, they have invested in MatHem, a Swedish online grocer, participating in several funding rounds that raised substantial amounts, including approximately €84.93 million in May 2023. These transactions highlight Verdane's active role in the food delivery sector, particularly in online grocery services.
5. Orkla ASA
- Website: orkla.com
- Type: Corporate
- Headquarters: Oslo, Oslo, Norway
- Founded year: 2017
- Headcount: 10001+
- Number of deals in 2024: 1
- LinkedIn: orkla-asa
Orkla ASA is a leading industrial investment company based in Oslo, Norway, with a focus on branded consumer goods, aluminium solutions, and financial investments. Founded in 2017, the company employs over 10,000 people and has made significant strides in the food industry. Orkla has been involved in several key acquisitions that highlight its commitment to the food delivery and foodservice sectors. For instance, in 2018, Orkla announced its acquisition of Kotipizza Group, a Finnish restaurant chain, for approximately €146.1 million, aiming to enhance its presence in the Finnish restaurant market. In 2021, Orkla acquired an 80% stake in Seagood Oy Fort Deli, a Finnish foodservice company, to strengthen its position in the foodservice sector. Additionally, Orkla's acquisition of MTR Foods in 2007 and Anamma Foods in 2015 further showcases its investment in packaged and plant-based food products, aligning with current consumer trends. These transactions reflect Orkla's strategic focus on expanding its portfolio in the food delivery and foodservice markets.
6. Creandum
- Website: creandum.com
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2003
- Headcount: 11-50
- Number of deals in 2024: 17
- LinkedIn: creandum
Creandum is a venture capital firm based in Stockholm, Sweden, founded in 2003. The firm specializes in supporting early-stage entrepreneurs in building global, category-defining companies. They provide venture capital investment, strategic support, and networking opportunities to startups across various sectors. Notably, Creandum has invested in the food delivery industry, with significant transactions including Cornershop, a fast grocery delivery service in Mexico and Chile, where they participated in both Series A and Series B funding rounds, raising a total of $27 million. Additionally, they invested in Linas Matkasse, a meal kit delivery service, further demonstrating their engagement in the food delivery sector. Creandum's business model focuses on nurturing companies from seed to IPO, leveraging their expertise and connections to help entrepreneurs succeed.
7. Kale United
- Website: kaleunited.com
- Type: Corporate
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2018
- Headcount: 1-10
- Number of deals in 2024: 2
- LinkedIn: kaleunited
Kale United is a corporate investment firm based in Stockholm, Sweden, founded in 2018. The firm specializes in sustainable food production through impact investments in plant-based and foodtech companies. It caters to both individual and institutional investors who are interested in supporting the transition to a plant-based lifestyle while achieving financial returns. Notably, Kale United has been involved in several significant transactions in the food delivery context, including the acquisition of Enkla Kassen, a vegan meal kit service aimed at expanding sustainable food options in Sweden and beyond. They have also participated in funding rounds for various plant-based startups, such as One Planet Pizza, which focuses on vegan frozen pizzas, and Veggie Victory, a vegan food tech startup in Nigeria. These transactions highlight Kale United's active role in promoting plant-based food delivery solutions.
8. Almi
- Website: almi.se
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1994
- Headcount: 201-500
- Number of deals in 2024: 7
- LinkedIn: almi-ab
Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden, aiming to enhance their growth and competitiveness. Almi has been involved in various transactions, including investments in startups like Mörsjö Deli, which is directly related to food delivery, and Future Ordering, which also has implications for food services. Additionally, Almi's GreenTech fund has invested in companies like Velove Bikes, which, while not directly a food delivery service, supports sustainable urban logistics that could benefit food delivery operations. Overall, Almi's investment strategy includes a diverse range of sectors, with some relevant connections to the food delivery industry.
9. A.P. Moller - Maersk
- Website: maersk.com
- Type: Corporate
- Headquarters: Copenhagen, Denmark
- Founded year: 1904
- Headcount: 10001+
- Number of deals in 2024: 4
- LinkedIn: maersk-group
A.P. Møller – Mærsk A/S is a logistics company based in Copenhagen, Denmark, specializing in shipping and logistics services. Founded in 1904, the company operates globally, providing solutions for shipping, port operations, supply chain management, and warehousing. In recent years, A.P. Moller - Maersk has made strategic investments in companies that enhance its logistics capabilities. Notably, they participated in a Series A funding round for HIVED, a London-based emission-free parcel delivery service, which raised $12.4 million to accelerate its growth in sustainable delivery solutions. This investment highlights Maersk's commitment to innovative delivery services that could support food delivery logistics. Additionally, their acquisition of Pilot Freight Services for approximately $1.7 billion aims to enhance integrated logistics offerings, which could also benefit food delivery operations. These transactions demonstrate Maersk's active role in the logistics sector, making them a significant player in the food delivery ecosystem.
10. Bonnier Ventures
- Website: bonnierventures.com
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2013
- Headcount: 1-10
- Number of deals in 2024: 1
- LinkedIn: bonnier-ventures
Bonnier Ventures is a Stockholm-based venture capital firm founded in 2013, operating as the investment division of the Bonnier Group. The firm focuses on providing capital and management support to promising companies in structurally growing industries, including healthcare, media, sustainability, fintech, and SaaS. In recent years, Bonnier Ventures has made significant investments in the food delivery and grocery sectors, including a notable investment in MatHem, a Swedish online grocer that raised approximately €84.93M in May 2023. They also invested in Airmee, a logistics company that raised $5 million in September 2023, which is relevant to food delivery services. Their portfolio reflects a strategic interest in companies that enhance the food delivery ecosystem, showcasing their commitment to fostering growth in this area.
11. Heartcore Capital
- Website: heartcore.com
- Type: Venture Capital
- Headquarters: Copenhagen, Denmark
- Founded year: 2007
- Headcount: 11-50
- Number of deals in 2024: 17
- LinkedIn: heartcorecapital
Heartcore Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investing in early-stage technology companies and emphasizes building long-term relationships with entrepreneurs. Heartcore has been actively involved in the food delivery sector, notably through their investments in Taster, a London-based food-tech platform that has raised a total of $45 million across Series A, Seed, and Series B funding rounds. Taster aims to revolutionize food consumption in the 21st century, capitalizing on the growth of the food delivery industry. Additionally, Heartcore's investment in WayCool, which raised $20 million in Series A funding, highlights their engagement in the food supply chain, further solidifying their relevance in the food delivery context. Overall, Heartcore Capital's focus on technology and innovation in the food sector makes them a significant player in the food delivery investment landscape.
12. Axfood
- Website: axfood.se
- Type: Corporate
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2000
- Headcount: 10001+
- Number of deals in 2024: 1
- LinkedIn: axfood
Axfood Aktiebolag is a leading grocery retailer and wholesaler based in Stockholm, Sweden, founded in 2000. The company operates various supermarket chains, including Willys and Hemköp, and serves both individual consumers and businesses in the food service industry. Axfood emphasizes sustainability and quality in its offerings, providing accessible grocery shopping options both in-store and online. In recent years, Axfood has made significant investments in the food delivery sector, including a notable investment in MatHem, a Swedish online grocer that raised approximately €84.93M in 2023. Additionally, Axfood acquired Middagsfrid, a meal pack provider, through its subsidiary Matse Holding, enhancing its online sales capabilities. These strategic moves highlight Axfood's commitment to expanding its footprint in the food delivery market, making it a key player in the industry.
Food Delivery Insights: Key Investors in the Nordics
| Investor | Headquarter | Size | Founded | Deals 2024 |
|---|---|---|---|---|
| VNV Global AB | Stockholm, Stockholm, Sweden | 1-10 | 1996 | 1 |
| EQT Group | Stockholm, Stockholm, Sweden | 1001-5000 | 1994 | 30 |
| Kinnevik | Stockholm, Stockholm, Sweden | 11-50 | 1936 | 10 |
| Verdane | Oslo, Oslo, Norway | 51-200 | 1985 | 7 |
| Orkla ASA | Oslo, Oslo, Norway | 10001+ | 2017 | 1 |
| Creandum | Stockholm, Stockholm, Sweden | 11-50 | 2003 | 17 |
| Kale United | Stockholm, Stockholm, Sweden | 1-10 | 2018 | 2 |
| Almi | Stockholm, Stockholm, Sweden | 201-500 | 1994 | 7 |
| A.P. Moller - Maersk | Copenhagen, Denmark | 10001+ | 1904 | 4 |
| Bonnier Ventures | Stockholm, Stockholm, Sweden | 1-10 | 2013 | 1 |
| Heartcore Capital | Copenhagen, Denmark | 11-50 | 2007 | 17 |
| Axfood | Stockholm, Stockholm, Sweden | 10001+ | 2000 | 1 |
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