Verdane partners with Fiksuruoka to accelerate international expansion and support reduction of food waste
Verdane, the Northern European specialist growth equity investor, announces today it has invested in Fiksuruoka. Fiksuruoka is a Finnish market leading e-retailer of surplus dry-food groceries and non-food products to customers at attractive discounts. Verdane will support the company’s established position in Finland, and its international expansion in Europe, drawing on Verdane’s e-commerce experience and sustainability expertise.
Founded in 2016 by Richard Lindroos and Juhani Järvensivu, Fiksuruoka, a market leader in Finland, sells surplus groceries from leading brands via its online store to customers at
heavily discounted prices. By purchasing surplus stock from its supplier network, Fiksuruoka is an active contributor toward reducing food waste and heavily focuses on contributing to sustainable and conscious consumption, and has averted over 4 million kg of food waste since launch. The company works with a supplier network of over 300 businesses across Finland, expanding consumers’ sustainable choices.
Verdane partners with sustainable, tech-enabled Northern European businesses to help them reach the next stage of international growth. Fiksuruoka has seen significant growth over the past few years as consumers have moved their shopping online, and become increasingly aware of issues around food waste. As Fiksuruoka consolidates its position in Finland, Verdane will support its expansion ambitions in Europe, where the company is well-placed to play a key role in the growing sustainable food consumption market.
Staffan Mörndal, Partner at Verdane commented: “Fiksuruoka is at a really exciting stage in its journey to bring a sustainable, digital and budget-friendly solution to one of the biggest problems the world faces – food waste. As much as 100kgs per person per year are wasted in the developed world at the consumption stage according to data from the United Nations. We have been consistently impressed with the Fiksuruoka team’s commitment to building a better world and keen understanding of e-commerce, and are proud to deploy our business building expertise to support the company’s international expansion across Europe.”
Juhani Järvensivu, CEO of Fiksuruoka commented: “Verdane brings valuable experience as a partner to companies looking to expand internationally, and with their track record and expertise in Northern Europe, we believe they are the perfect investor for Fiksuruoka. I look forward to working closely with the Verdane team as we embark on this next exciting phase of Fiksuruoka’s growth journey.”
The investment in Fiksuruoka was made by Verdane Capital X. Financial terms for the transaction are not being disclosed. Fiksuruoka and Verdane were advised by Deloitte (financial advisor) and Krogerus (legal advisor).
Fiksuruoka joins a Verdane portfolio of close to 30 digital consumer companies. Verdane has a strong and long track record of investing in e-commerce, and in particular in grocery e-commerce, with investments including MatHem, a Swedish online grocer and Kolonial, a Norway-based leading online grocery store.
Verdane also has significant experience investing in sustainable businesses, having made 24 investments within the sustainable society theme since 2003, including as-goodasnew, BEWI, DanelecMarine, Lingit, momox, The Humble Co., Polytech, Porterbuddy and Spares Group. Verdane recently announced the hire of Partner Erik Osmundsen, former CEO of Norsk Gjenvinning, further bolstering its sustainability capabilities.
Fiksuruoka.fi is a fast growing technology and e-commerce company that reduces food waste by selling surplus groceries through online store www.fiksuruoka.fi with high discounts. Fiksuruoka helps their suppliers (food producers, importers, distributors and wholesalers) to reduce food waste and on the other hand Fiksuruoka offers an inexpensive and environmentally friendly way to buy products for customers. Product range consists of shelf-stable food and non-food items. Use of data and analytics in procurement, pricing, web development, optimizing of customer acquisition and developing outstanding customer experience are core competences of Fiksuruoka. In Finland Fiksuruoka cooperates with over 300 suppliers, had €12m revenue in 2020 and have reduced food waste for over 4 million kilograms.
More info: www.fiksuruoka.fi
Follow Fiksuruoka on LinkedIn
Verdane is a specialist growth equity investment firm that partners with sustainable, tech-enabled Northern European businesses to help them reach the next stage of international growth. Verdane can invest as a minority or majority investor, either in single companies or through portfolios of companies, and looks to deploy behind three core themes; the Digital Consumer, Software Everywhere and Sustainable Society. Verdane funds hold more than €3bn in total commitments and have made over 120 investments in fast-growing businesses since 2003. Verdane’s team of over 70 investment professionals and operating experts, based out of Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner to tech-enabled businesses in Northern Europe.
More info: www.verdane.com
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