Discounted groceries startup Motatos raises €38m Series D
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Loading... - Daisy Murray
- 06 Sep 2022
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With food prices on the rise and soaring fuel prices across Europe, startups that can help with the cost of living crunch have a golden opportunity. Swedish grocery discounter Motatos (or Matsmart, as it’s known on home turf) is one such business — and is today announcing a €38m Series D, bringing its total funding to €130m.
What does Motatos do?
Motatos launched its online grocery store in Sweden in 2014 and has since expanded to Finland, Denmark, Germany and most recently to the UK.
Instead of focusing on fast deliveries and fresh food (we’ve had enough of those), Motatos sells long-life household goods such as store cupboard ingredients, beverages, toiletries and pet food from the surplus inventory of large producers at a reduced price.
Motatos says this means it not only offer consumers a bargain but also fights the problem food waste. By selling surplus food, it limits the amount that ends up in landfill.
And it’s going pretty well for Motatos. The startup’s total revenue in 2021 was €68m and is on track to hit €100m this year. It’s even shown profitability in Sweden, at least in some months.
Who are the investors?
Motatos is backed by a number of Swedish and European investors:
· Its largest investor is the private equity arm of Swedish bank SEB, which led this round, along with UK-based VC Exor Capital.
· Other investors include European VC Northzone, Swedish VCs Edastra, Gullspång Re:food Invest, impact investor Norrsken VC, German LeadX Capital and London-based Blume Equity.
However, when it comes to this funding round, the most interesting thing is not the investors that invested but the ones that didn’t get to. Read More…
