Wolt joins DoorDash in €7bn deal
Today is a monumental day for Wolt and EQT Ventures: we are absolutely thrilled to see our friends at Wolt take the next step and team up with DoorDash (NYSE: $DASH), one of the largest and most successful food & retail delivery platforms in the world. Congratulations to Miki Kuusi and team, as well as the team at DoorDash, which is acquiring Wolt in an all-stock deal worth approximately EUR 7 billion — one of the largest tech deals in Europe ever.
With a customer-centric approach, Wolt has earned a solid reputation as a premier food delivery platform, across Europe and beyond. EQT Ventures has been working with the team since our initial investment during the Series A in February of 2016, when we joined the journey as one of the first investors. Since then, through ups and downs, we’ve continued to be impressed by Miki’s resilience, ambition and ability to build one of the biggest tech successes to date in Finland and Europe.
The exit valuation at time of this announcement represents an approximate 200x uplift compared to EQT Ventures’ initial investment in 2016, which we are pretty excited about.
AT EQT Ventures, the Wolt-Slack channel has been the one with the most frequent activity over the years, perhaps a quirky indication of the level of engagement between us. One of our favorite pictures of all time is this Wolt delivery courier in Helsinki, last winter:
In my opinion, Wolt’s obsession with stakeholders’ experience and success, not just their own, has been their winning strategy. They have continued to orchestrate this three-party dance, ever-deepening the features and streamlining the process for all involved, which has given them superb unit economics along the way. Their ability to scale up incrementally but at extreme frequency is a rare organizational feat and has created an expansive, international operation.
As Wolt and DoorDash continue on their joint mission, EQT Ventures would like to take the opportunity to congratulate the whole Wolt team on a smashing success story, one which we hope will continue for decades to come.
EQT Press Release: https://eqtgroup.com/news/2021/eqt-ventures-and-eqt-growth-to-exit-its-holdings-in-[…]a-leading-food-delivery-platform-operating-across-23-countries
EQT Ventures + Wolt — The Story Behind the Scenes
Wolt Press Release: