Kinnevik invests in Verdane portfolio company Mathem to accelerate Swedish food sector online migration

Stockholm โ€” In a move to further accelerate the offline-to-online migration of food and auxiliary products for Swedish households, Verdane Capital VII (โ€œVerdaneโ€) has agreed to sell part of its stake in MatHem to Kinnevik AB (publ) together with the companyโ€™s other shareholders. The SEK 900 million transaction combines 400 million in primary capital and 500 million in secondary shares.

Powered by investments in IT, warehouses, logistics and several acquisitions, MatHem has helmed the Swedish food sectorโ€™s offline-to-online migration and grown its revenues by a factor of 100 since Verdaneโ€™s initial investment in 2010. Today, the company is Swedenโ€™s leading independent pure-play online grocery retailer, with the largest assortment and fastest delivery time on the market, covering more than half of Swedish households.

โ€œWe are the clear Nordic pioneer in online groceries. With both Kinnevik and Verdane onboard, MatHem is now partnered with two of the Nordic regionโ€™s foremost investors in e-commerce and digital businesses as we look to further develop our offering and ensure a seamless customer experience to drive growth,โ€ says Tomas Kull, CEO of MatHem.

In 2018, MatHemโ€™s revenues stood at SEK 1.5 billion, with a workforce numbering 1 500 employees.

โ€œSwedish householdsโ€™ digital shopping habits are at an inflexion point, and we expect to see online grocery shopping in Sweden catch up with similarly digitalised countries over the next ten years. MatHemโ€™s assortment of more than just groceries and ability to deliver straight into your home means it can offer a uniquely seamless shopping experience that will play an important role in making consumersโ€™ lives easier,โ€ says Staffan Mรถrndal, Partner and Co-Head of Consumer Internet at Verdane.

โ€œI am excited to announce our investment in MatHem, our third investment in food. This is a sector with huge potential given its significant share of household spend, its non-cyclical nature and attractive purchase patterns in terms of frequency, basket size and zero returns. MatHem has built a strong brand and recently launched an updated platform which places the company in a strong position to continue to capture markets share as the shift to online accelerates within the grocery sector,โ€ comments Georgi Ganev, CEO of Kinnevik.

Closing is conditional on customary regulatory approvals and is expected during the first quarter of 2019.

MatHem is part of Verdaneโ€™s e-commerce portfolio together with 14 other companies that include Babyshop, Bemz, Boozt, Eleven, Hylte Jakt & Lantman, MM Sports, Royal Design and Safira. Since 2003, Verdane has invested in over 100 e-commerce and software companies.


About Kinnevik

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to build digital businesses that provide more and better choice. We do this by working in partnership with talented founders and management teams to create, develop and invest in fast growing businesses in developed and emerging markets. We believe in delivering both shareholder and social value by building companies that contribute positively to society. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevikโ€™s shares are listed on Nasdaq Stockholmโ€™s list for large cap companies under the ticker codes KINV A and KINV B.

About MatHem

MatHem is Swedenโ€™s largest online grocery and household goods retailer. We have the largest online grocery assortment and fastest delivery time on the market. Our vision goes beyond food, and our promise is to work to help you save time, money, stress, back strain and climate impact with every delivery. Founded in 2006 by Karolin and Tomas Kull, MatHem now delivers one out of two online grocery orders in Sweden, making 1.5 million deliveries every year to over 30 000 customers located across Sweden.

About Verdane

Verdane is a specialist growth investment firm that partners with tech-enabled and sustainable European businesses. Verdane can invest as a minority or majority investor, either in single companies or through portfolios of companies, and looks to deploy inside two core growth themes; digitalisation and decarbonisation. 

Verdane funds hold over โ‚ฌ6 billion in total commitments and have made over 400 investments in fast-growing businesses since 2003. Verdaneโ€™s team of over 140 investment professionals and operating experts, based out of Berlin, Munich, Copenhagen, Helsinki, London, Oslo, and Stockholm, is dedicated to being the preferred growth partner to tech-enabled and sustainable businesses in Europe. 

Verdane is also a certified B Corporation, the most ambitious sustainability accreditation globally. The firm only backs businesses that pass its 2040 test, which indicates whether the company can thrive in a more sustainable future economy. 

Verdane is partly owned by the Verdane Foundation, which is focused on two areas: climate change and more equitable and inclusive local communities. 

More info: www.verdane.com โ€ฏ
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