Mimi Billing is Sifted’s Nordic correspondent. “This will make huge ripples on the ecosystem in the region,” he says. Today, we are honored to announce that Seth Pierrepont will join the ICONIQ Growth team in the coming months as a general partner to lead our investment efforts in Europe. The Wolt acquisition will have a big impact on the tech scene in Finland but also in other Nordic and Baltic countries, according to Dahg. In other exits, founders and former employees often go on to start new businesses or become angel investors. Wolt employs 4,000 people across its 23 markets and apart from its option plans the company has added another €500m to be shared across the management team and employees in the deal with DoorDash. He also points out that Wolt has taken better care of its drivers by always paying more than minimum wage and has never been included in the negative press coverage its competitors receive. “Since we’ve continued to be impressed by Miki’s resilience, ambition and ability to build one of the biggest tech successes to date” What I mean with that is that they have adapted to the size of their suit - both in terms of expansion and withdrawal from markets,” Dahg says. “There are two reasons why has made it: first, they have been more consumer-centric than any of their competitors, and secondly, they have been more balanced. While it wasn’t able to do follow-on investments in Wolt’s later rounds, it kept its existing ownership which totalled a few per cent of the company. Inventure focuses on early-stage startups and its third fund of €110m was raised in late 2017. “But given we led their pre-seed and seed round the 200x multiple mentioned by others sounds low.” “We’re happy with the price and we will know more when the deal is finalised,” he says. Linus Dahg, partner at Inventure, was in a good mood when Sifted reached out to him today. Inventure also led the delivery startup’s second seed round. The €400,000 was split between Nordic VC Inventure and Helsinki-based Lifeline Ventures. Also the year of the Game of Thrones final season. Wolt raised its first pre-seed round in 2014. We partnered with South Pole to compensate for the CO2 emissions from Wolt deliveries (dating all the way back to the first delivery) We raised 115 million euros in a so-called C-round, led by ICONIQ Capital and Highland Europe. “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.” “Wolt made it they have been more consumer-centric than any of their competitors, and they have been more balanced” “The exit valuation at the time of this announcement represents an approximate 200x uplift compared to EQT Ventures’ initial investment in 2016, which we are pretty excited about,” EQT Ventures partner Lars Jörnow wrote on Medium yesterday. According to documents filed in Finland, EQT Ventures owned a bit more than 10% of the company. Combined, they are Wolt’s largest shareholders. Two big winners in the DoorDash sale are EQT Ventures and EQT Growth.
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