Taking grocery shopping online

Building MatHem into Sweden’s leading independent online grocery store

About MatHem

MatHem is Sweden’s leading independent online grocery shop, with a distribution network reaching over 50% of Swedish households and a strong brand built over the past ten years. In 2017, the company launched a successful partnership with Clas Ohlson, a Swedish hardware chain, as a first step in offering diversified products and services via MatHem’s platform. In 2018, MatHem had a turnover of SEK 1.5 billion and delivered over 1 million grocery orders from an assortment of over 15 000 items, with a special focus on organic and locally produced fare.

Investment Rationale

Food and groceries represent a significant share of non-cyclical household spending, with high purchasing frequency and average order value. Distinguished as Sweden’s best online grocery store and the country’s sixth best website in the year of Verdane’s investment, MatHem was well-positioned to build on its pioneering position in the offline-to-online migration of grocery shopping in Sweden. With a deep understanding both of building successful digital consumer through one of Sweden’s largest e-commerce portfolios, Verdane was an excellent match for MatHem’s growth needs.







Mathem delivers approximately 6,000 orders per day across seven Swedish cities







Value Creation Initiatives

    • Supported the management team’s development through hires in general management, finance, logistics, IT, purchasing and sourcing


    • Supported the strategic development of the Board with in total 6 external board member hires over the ownership horizon


    • Acquired Fruktbudet (weekly fruit delivery to offices), Tasteline (recipe website) and regional competitors to enhance offering


    • Launched postal return deliveries through Verdane’s network of contacts


  • Built MatHem from its early growth stage into Sweden’s largest independent and leading online grocery store, with ~30% of the online market in 2018, delivering ~6,000 orders per day across seven Swedish cities





Verdane’s investment in MatHem was partially realised to Kinnevik in 2019. With online penetration in the Swedish market currently at 2-3%, significant growth is expected over the coming decade in the online grocery market as we catch up to levels observed in France (5%), the UK (7%) and South Korea (20%+).