Helsinki-based food delivery app Wolt has raise $11 million fresh funding from Nordic investors including founder of Skype and the CEO of Nokia as the company announced its Stockholm launch on Friday.
“We are now developing in the Nordics and Baltic region.hiring the launching teams for the new areas and expanding within new countries said Juhani Mykkänen, Wolt’s CEO and co-founder.
Nokia’s chairman Risto Siilasmaa who was involved in the company’s last round, was part of the notable investor lineup. Kees Koolen, former CEO of Booking.com will be joining company’s board of directors $14 million raised by Wolt.
Food Delivery Space Heats Up
Wolt is operating in a crowded space with following companies such as Delivery Hero – valued at $3 billion, – Take Eat Easy JustEat,Grubhub , Deliveroo, Seamless and Foodora all competing for the market share.
Founder of Wolt Mr Miki Kuusi said “There are a many more established companies globally.our biggest competitor is corner grocery store where people go oftenly without really thinking about it.
Although Wolt faces competition, but company has gained a significant market share in Finland, country of only 5.4 million people.
“We have 100000 registered users and 450 restaurants,” Mykkänen said.
Wolt, takes a cut amount of few percent from each delivery but there is no monthly fees or signup fees. Wolt also announced its expansion in Stockholm starting of with 32 restaurants.