case / 23 Nov 2021

Setterwalls has advised Matsmart in connection with an investment round of SEK 240 million

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Setterwalls has advised Matsmart in connection with an investment round of SEK 240 million. The capital raise was made in addition to the investment round of SEK 350 million completed during the Spring. The London based venture capital company Blume Equity participated and became a new shareholder. Several existing shareholders such as SEB Private Equity and Gullspång Re:Food Invest also participated.

Matsmart’s business concept is to sell mislabelled or expired groceries at discount with home delivery services in Sweden and Finland, and was established in Germany during 2020 as a part of the company’s expansion plan. Matsmart was founded in 2014 by Karl Andersson, Erik Södergren and Ulf Skagerström. The revenue of Matsmart for 2019 amounted to approx. SEK 371 million, and was increased to over SEK 500 million during 2020. The financing shall be used towards the company’s continued international expansion.

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