Setterwalls has advised Matsmart in connection with an investment round of SEK 350 million. Leading investors in the investment round were Gullspång Re:food Invest and SEB Private Equity, who became new shareholders, with existing shareholders such as Edastra, Northzone, D-Ax, Ingka Investments (Ikea) and Norrsken also participating.
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, which was increased to over SEK 500 million during 2020. The financing shall be used towards the company’s continued international expansion.