On-demand supply large DoorDash introduced Tuesday it was buying meals supply firm Wolt in an all-stock deal valued at €7 billion, or $8.1 billion.
Speaking in regards to the acquisition, Tony Xu, co-founder and CEO of DoorDash stated in an announcement that the transfer “will speed up our product improvement, carry larger focus to every of our markets and enhance the worth we offer to shoppers, retailers, in addition to Dashers and couriers world wide.”
Finland-based Wolt was based in 2014 by Miki Kuusi, who, upon the deal closing, will run DoorDash Worldwide and report back to Xu. The corporate has over 4,000 workers throughout 23 nations and its know-how allows customers to simply uncover and obtain meals through its platform by choosing a restaurant, putting the order and hitting ship.
Wolt has raised over $850 million so far, in accordance with its Crunchbase profile. Its most up-to-date funding spherical was $530 million in January, led by Iconiq Development, with participation from Tiger World, DST, KKR, Prosus, EQT Development and Coatue.
Wolt represents DoorDash’s sixth acquisition, in accordance with Crunchbase knowledge, and its second in 2021, which incorporates an acquisition of Chowbotics earlier this 12 months. The most recent transaction is predicted to shut within the first half of 2022.
DoorDash was one of many benefactors of the worldwide pandemic, managing to set information for orders and the worth of these orders as reported in its second-quarter earnings for the three-month interval ending June 30. Nonetheless, the corporate was unprofitable total with a web lack of $102 million for the quarter.