Supply app DoorDash has reached a deal to amass Finnish supply operator Wolt in an all-stock deal value €7bn.
Helsinki-based Wolt, which has greater than 4,000 workers, operates in 23 European markets, together with Germany, the place DoorDash has been keen to achieve a foothold within the extremely aggressive marketplace for meals and grocery supply.
The app has greater than 2.5m lively customers, based on an investor presentation revealed on Tuesday. It mentioned Wolt’s gross order quantity — the full worth of all transactions — was greater than $2.5bn, on an annualised foundation.
Miki Kuusi, Wolt’s founder and chief govt, will run DoorDash Worldwide, a brand new division for its operations outdoors the US. He’ll report back to Tony Xu, DoorDash chief govt, based on a launch asserting the deal.
Different “key executives” would even be becoming a member of DoorDash, the corporate mentioned. The deal is anticipated to shut within the first half of 2022, topic to regulatory approval.
Wolt, based in 2014, had raised greater than $800m as a personal firm, together with a $530m spherical of financing in January led by Iconiq Capital.
Learn extra on DoorDash’s new acquisition right here