MatHem operates an online grocery e-commerce service offering home delivery of groceries. The company plans to use newly raised capital to fund continued expansion, including opening a new fulfilment center in Larsboda next year and broadening its product offering. MatHem will expand its assortment through initiatives including launching pharmacy products in cooperation with Kronans Apotek. In 2020 MatHem recorded 50% year-on-year sales growth, with full-year sales of SEK 2.3bn. Management says the firm is focused on growth, increased efficiency and a journey towards profitability. The funding is intended to support scaling operations and the customer offering as it grows its share of the online grocery home delivery market. MatHem is an online grocery retailer that delivers groceries and small household items across Sweden. After ten years in business the company says it has served over half of Swedish households. The latest funding will be used to develop a new environmentally certified warehouse in Larsboda and to continue expanding its retail delivery operations. The company’s investors include Kinnevik, AMF, Verdane and Clas Ohlson. The new financing values MatHem just above €266 million and follows another €86 million fundraise one year earlier. Despite the fresh capital, the articles note no stated ambition to expand beyond its core Swedish market. MatHem is Sweden's leading pure-play online grocery retailer that delivers groceries to more than half of the country's households. Its core product is online grocery ordering and home delivery, with a focus on assortment and a seamless customer experience. The company reported a turnover of approximately SEK 1.5 billion (€143 million) in 2018. CEO Tomas Kull said MatHem is ready to take the next step in its growth journey and will continue to develop its assortment and ensure a seamless customer experience to drive growth. The business recently attracted a capital injection from Kinnevik, which MatHem expects will help accelerate the shift from offline to online grocery buying. Part of the investment was allocated as primary capital to fund growth while the remainder came from secondary share purchases that increased Kinnevik's ownership.

Total raised

$250M

Funding rounds

4

Latest round

Equity

Latest activity

Apr 2021