Image credits: Kavall
Kavall, a Stockholm-based grocery delivery company, announced that it has secured SEK 155M (approximately €15M) in a new financing round led by Bonnier Ventures. Other investors, including Nicoya, and previous investors, VNV Global and Inbox Capital, also participated.
Fund utilisation
The Swedish company says it will use the funds to expand its service and geographical coverage in the Nordic region. The announcement comes one year after raising SEK50M (approx €4.9M) from VNV Global with Inbox Capital.
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“With this round of financing, we not only get capital to accelerate the expansion, in Bonnier Ventures and Nicoya we also get more investors with long-term financial strength and strategic competence that we value highly. Both have a deep understanding of the industry and will give us even better conditions to develop our service and continue to take market share,” says John Tengberg, CEO and co-founder of Kavall.
Kavall: What you need to know
Robin Rendahl, Peter Simon, and John Tengberg founded Kavall in 2021 in response to the increased demand to shop on-demand. The company offers ultra-fast deliveries of food in less than 10 minutes.
The company’s first dark store opened in May in Vasastan, Stockholm. and is now offered in Gothenburg, Malmö in Sweden, and Helsinki and Tampere in Finland.
In the Kavall app, consumers can choose between a wide assortment of groceries that are delivered within 10 minutes by couriers employed by Kavall from hyperlocal dark stores (centrally located warehouses adapted for fast packing and delivery).
Investor
Bonnier Ventures is the venture arm of the Bonnier Group. The company makes investments in fast-growing companies with exceptional teams across multiple growth stages in industries ranging from Software, HealthTech, FinTech, Sustainability, and MediaTech. Previous investments include (among others) Doktor.se, Natural Cycles, and Acast.
“We have followed Kavall since the start and are very impressed by the company’s fantastic progress. The team has an exceptional customer focus with an offering making them well-positioned to drive the market for fast deliveries. We look forward to supporting the company in its continued journey in delivering an outstanding customer experience.” says Dajana Mirborn, Investment Director at Bonnier Ventures.
“Kavall is a leader in its segment and active in the next generation of sustainable food deliveries. The company has in a short time shown a strong development and further growth potential. Nicoya is driven by consumer behaviour and these insights are central to our investment decisions. With consumers’ increased need for comfortable purchases and the momentum that exists in the market, the company has good opportunities for continued success,” says David Karlsson, partner at Nicoya.
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