Kinnevik invests in Kolonial.no - the leading online grocery store in Norway
Kinnevik AB (publ) ("Kinnevik") today announced that it has invested NOK 300m in Kolonial.no AS for a 15% stake in the Norwegian online grocery retailer.
Kinnevik invested NOK 200m in primary capital and a further NOK 100m in secondary shares. Kolonial.no was founded in 2013 and offers grocery delivery to approximately 40% of Norwegian households, a share that they expect to expand over time. The company grew revenues by 88% to approximately NOK 800m in 2017.
Andreas Bernström, Kinnevik Investment Director, commented:
"We are excited to lead the funding round in Kolonial.no, a company that fits squarely into our investment thesis of using technology to offer consumers more and better choice. We have been impressed by the founding team and what they have achieved in a relatively short period of time. Kinnevik is well placed to support the team in scaling the business and we look forward to working with Kolonial.no to reach their goals."
Karl Munthe-Kaas, CEO Kolonial.no commented:
"Kinnevik is a dream partner for us. We feel there is a great fit in both the strategic vision and the values of our companies. Our ambition is to make grocery shopping an effortless and inspiring activity for everyone and bring freedom in their everyday lives. Kinnevik has the right expertise and the right mindset to help us in this journey and we are very excited to work with them."
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
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. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.Press release
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Source: Kinnevik via Globenewswire