The Swedish-based food waste supermarket Motatos continues to show strong growth, and today the e-commerce company announces that it has closed a new financing round that will provide a boost of DKK 282.6m (€38m). This brings the total investments in the company to more than DKK 130 million. €, or almost a billion DKK. The investment must be used in particular to accelerate growth in the key markets.
The new investment round has been carried out at a significantly higher valuation than the previous one and via a directed issue to existing owners. The round was led by SEB Private Equity, Motato’s largest owner, and Exor Capital, which has significantly increased its investment since the fund’s first investment in the Series C investment round in November 2021.
Karl Andersson, CEO and founder:We are experiencing very strong and stable growth in and development of our business, and in a time of turmoil on the market, our relevance only increases further. Taking care of the resources we produce – for the sake of the climate and consumers’ wallets – is not only common sense, but of utmost necessity. With this capital injection, we now have the opportunity to further accelerate the sustainable shift in the food and retail sector in the major European markets
Motatos currently operates in Denmark, Sweden, Germany, England and Finland. The new investment will be particularly aimed at increasing growth in the key markets of Germany and the UK, but will also support the development of the business model and the customer offering across all markets.
To lead the development going forward, Motatos’ founder and CEO, Karl Andersson, will be joined by former COO, Peter Beckius, who was appointed Co-CEO in June. Where Karl will continue to focus on external stakeholder relations, innovation and partnerships, Peter’s focus will be on leading and developing the business and the organization globally.
Karl AnderssonPeter and I have worked very closely together over the past year and found a strength in our different profiles. We share many of the same values, and we have a common view of how Motatos should be developed going forward,
Peter Beckius adds:I look forward to continuing the collaboration with Karl to further improve and develop our business model and customer range. During the year, we have had continued strong development, especially with continued high growth in Germany and a successful launch in England. With new funding in place, we are in a good position to accelerate that growth.
Maria Bilkenroth, SEB Private Equity, confirms that the decision to invest in Motatos is fully in line with the mission to support sustainable development.
Maria Bilkenroth, Investment Director, SEB Private EquityIt is now just over a year since our first investment in Motatos, and we are very satisfied with the results we have seen in that time. Motatos offers price-conscious consumers sustainable choices that are affordable, and this aligns well with our investment focus. Growth in the sustainable business sectors is essential for the circular shift. We look forward to supporting Motato’s team as they continue to expand in the European markets
Many of Matsmart-Motato’s current investors have also participated in the investment round together with SEB Private Equity, including Gullspång Re:food invest, Blume Equity and Exor Group. The law firm Setterwalls Advokatbyrå has assisted with legal assistance and advice
Motatos is an online supermarket that sells daily groceries except refrigerated and frozen goods. The product range is products that would otherwise risk being thrown out due to faulty packaging, overproduction or the like. Motatos began based on knowledge of how incredibly large amounts of food are wasted within the food sector. And how bad it is both for the environment and for the wallet. This knowledge has since been translated into a growing e-commerce, which began in Sweden under the name Matsmart, and today is found in five European markets. www.motatos.dk