Matsmart Revenue, Valuation, Funding & Investors
Matsmart is valued at $29M as of November 2016, a 3.6x multiple on its last reported $8M revenue.
Last Matsmart valuation
$29M
Seed · Nov 2016
Last Matsmart funding round
$44M
Series D · Nov 2023
Matsmart revenue
$8M
Seed · Nov 2016
Key investors in Matsmart
Northzone
GP Bullhound
SEB Group
Norrsken VC
Inbox Capital
LeadX Capital Partners
About Matsmart
Matsmart is a Stockholm-launched online retailer of surplus food founded in 2014, operating in Sweden, Norway, and Finland to rescue edible products from waste due to packaging defects, near-expiry dates, or overproduction. The platform sells discounted groceries, snacks, and household items from brands like Nestlé and Unilever at up to 80 percent off, diverting thousands of tonnes annually from landfills. By 2017, Matsmart prevented 2022 tonnes of waste while achieving SEK 200 million in recurring revenue, scaling through e-commerce logistics and partnerships with Nordic food producers.
Founded
2014
HQ
StockholmWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$8M (Nov 2016)
Valuation
$29M (Nov 2016)
Matsmart Valuation
Matsmart is currently valued at $29M, based on its seed round in November 2016.
The $4M round was led by GP Bullhound and Northzone, with participation from Tedlex Capital Partners, Inbox, Magnus Lindstam and Michael Knutzon.
Matsmart's valuation has moved from $29M at its seed round in December 2015 to $29M in November 2016, across 2 priced rounds.
Matsmart valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2016 | Seed | $29M | 3.6x |
| Dec 2015 | Seed | $29M | - |
Matsmart Revenue
Matsmart's latest recorded revenue is $8M, as of its seed round in November 2016. At a $29M valuation, that implies a 3.6x revenue multiple.
Matsmart revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2016 | $8M | $29M | 3.6x | Seed |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Matsmart Funding History
Matsmart has raised a total of $222M across 12 funding rounds.
Matsmart's first fundraising round was a $600K seed round in October 2015. The most recent completed round was a $44M Series D in November 2023.
Matsmart funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2023 | Series D | Circularity Capital; SevenVentures | $44M | - | Matsmart-Motatos is a Swedish D2C e-commerce retailer specializing in overstock dry foods, snacks, beverages, household goods, and consumer products, sourcing surplus inventory from manufacturers and retailers to reduce food waste by up to 80% discounts. Operating in five European countries with a focus on Scandinavia and expanding in Germany, the company has recirculated over 60,000 tonnes of products since 2014 and claims over 1 million customers. On November 20, 2023, it closed an oversubscribed €40 million (approx. $43.7M) growth capital round led by Circularity Capital, with participation from SevenVentures (ProSiebenSat.1's investment arm) and existing investors like Northzone. The funding supports expansion in German and Nordic markets, new product launches, and scaling operations in the fast-growing food overstock sector addressing supply chain inefficiencies. Matsmart holds a market-leading position in the Nordics as the top food overstock retailer and is rapidly growing in Germany. Financial traction includes 2022 revenue of €88.2 million and a current revenue run rate of €100 million at the time of the round. Circularity Capital highlighted the company's robust platform, execution track record, and alignment with circular economy goals, positioning it for strategic growth. Founders Karl Andersson and Ulf Skagerström emphasize sustainable, affordable shopping resonating with environmentally conscious consumers amid economic caution. |
| Sep 2022 | Undisclosed stage | Gullspång Invest | $37M | - | Matsmart-Motatos raised EUR 38 million through a new share issue to existing shareholders at what the company called an uptick valuation. The issue was jointly led by its largest owner SEB Private Equity and by Exor Capital, with Gullspång Re:food Invest and Blume Equity among the other existing investors taking part. The proceeds were directed at growth in Germany and the UK and at developing the customer offer across all markets. |
| Nov 2021 | Undisclosed stage | Blume Equity (lead); SEB Group; Re:food | $27M | - | Matsmart, operating as Matsmart-Motatos, is an e-commerce platform focused on reducing food waste by selling surplus and imperfect groceries at discounted prices, promoting sustainable food consumption across European markets including Sweden, Germany, and others. Founded in 2014 and headquartered in Stockholm, the company connects suppliers with customers to rescue edible food products, having saved over 65,000 tonnes of food since inception. It operates in the online grocery retail sector, emphasizing sustainability, with keywords like 'billig mat på nätet' (cheap food online), 'matsvinn' (food waste), and 'fynd' (bargains). In 2021, Matsmart Group reported global revenue of SEK 722 million, marking a 47% increase from SEK 493 million in 2020, reflecting strong growth amid expansion into six European markets. The company divested its UK business on September 12, 2023. |
| Nov 2021 | Series C | Novax; SEB Group; Re:food; Blume Equity; Norrsken Foundation; Northzone; Ingka Group; LeadX Capital Partners | $27M | - | - |
| Mar 2021 | Undisclosed stage | SEB Group; Gullspång Invest | $41M | - | Matsmart is a Stockholm-based online discount retailer for non-fresh food founded in 2014 by Karl Andersson, Erik Södergren, and Ulf Skagerström. The company sells mis-labeled or outgoing FMCG goods at discounted prices with home delivery, operating in Sweden, Finland, Denmark, and Germany (where it operates under the Motatos brand). The company claims to have recycled 20,000 tonnes of food as of the round date, addressing a market where annual global food waste totals 1.6 billion tons. In March 2021, Matsmart completed a SEK 350 million ($41 million) capital investment round led by SEB Private Equity and Gullspång Re:food Invest. The round included existing shareholders Northzone, Norrsken VC, Novax, Ingka Group (IKEA), and LeadX Capital. Proceeds were designated for international expansion, which had begun in 2020 with the German launch. Prior to this round, the company had raised approximately $39 million total, including an $18 million round in 2019. At the time of the 2019 funding, Matsmart reported sales of SEK 371 million ($43.5 million USD). By 2021, following additional tranches raised that year totaling $69 million in two tranches ($28 million and the $41 million round), the company's turnover reached SEK 722 million ($67 million USD). |
| Oct 2019 | Undisclosed stage | LeadX Capital Partners (lead); Norrsken VC; Northzone; Ingka Group | $18M | - | Matsmart is a Swedish online marketplace founded in 2014 that specializes in reducing food waste by selling surplus food products from major producers directly to consumers. The company purchases overstock, overproduction, and products nearing their best-before dates from major food manufacturers including Unilever, Nestlé, and Mondelēz Sverige AB, then sells these items at discounted rates to consumers. By October 2019, Matsmart operated in Sweden and Finland with approximately 150 employees and reported revenue of 400 million SEK. In October 2019, Matsmart closed a funding round raising over €17 million from a syndicate of investors led by LeadX Capital Partners, an investment fund sponsored by German retailer Metro AG. The round also included participation from Ingka Group (IKEA's parent company), Northzone, D-Ax, and Norrsken. This brought Matsmart's total financing to €40 million at that time. The investment supported the company's expansion plans into Germany and the broader European market, leveraging Metro's retail expertise and distribution capabilities. By 2018, Matsmart reported saving 3,700 tons of food through its marketplace operations. The company continued to scale, with later reports indicating turnover of over 1 billion SEK by 2023. |
| Jan 2018 | Seed | IKEA (lead); Edastra Venture Capital; GP Bullhound; Northzone; Inbox Capital | $3M | - | Matsmart is a Stockholm-based online retailer selling surplus and non-fresh food at discounts up to 90%, operating from a warehouse in Katrineholm and delivering throughout Sweden. The company, founded in 2014 and led by CEO Karl Andersson, sources goods directly from producers to reduce food waste. In January 2018, Matsmart raised SEK 100M ($12.4M) from investors including IKEA as a strategic investor, Northzone, GP Bullhound, Edastra Venture Capital, Inbox Capital, and business angels. This round built on a prior SEK 75M ($8.9M) close from late 2017, aligning with IKEA's goal to recycle 90% of its food waste. In 2017, Matsmart achieved turnover over SEK 200M ($25M). The funding supported growth in its food waste reduction model. |
| Dec 2017 | Series A | D-Ax Corporate Venture Capital (lead); Norrsken VC (lead) | $9M | - | Matsmart is a Swedish e-commerce startup founded in 2013 that sells surplus food at discounted prices to prevent waste, targeting items with changed branding, packaging, seasonality, or short expiration dates. It launched in Sweden in 2014 and expanded to Norway and Finland by 2017. In 2016, the company prevented 708 tonnes of food from going to waste and achieved yearly revenues of €20 million. On December 18, 2017, Matsmart raised €7.5 million from investors including D-Ax Corporate Venture Capital (investment arm of Axel Johnson Group) and Norrsken VC (Norrsken Foundation, founded by Klarna's Niklas Adalberth), along with existing investors such as Northzone, GP Bullhound, Edastra, Inbox Capital, Avito founders, and Adlibris CEO Johan Kleber. The funding supports expansion in the Nordics and across Europe, with D-Ax providing food and retail expertise and Norrsken aligning with Matsmart's social impact mission against food waste. CEO Karl Andersson emphasized continued growth focus, strong consumer and supplier interest, and exploration of new markets to address food waste. |
| Jun 2017 | Series A | Filip Engelbert; Edastra Venture Capital; Johan Kleberg; Jonas Nordlander; GP Bullhound; Northzone; Inbox Capital | $8M | - | Matsmart is an online retailer selling surplus food at discounts to reduce waste, offering products with short or expired expiry dates, packaging changes, or other reasons that would otherwise lead to disposal. Founded in 2014 by Karl Andersson, Erik Södergren, and Ulf Skagerström, it launched in Sweden and expanded to Norway and Finland. In 2017, the company achieved recurring revenues of SEK 200 million and saved 2022 tonnes of food from waste. Matsmart raised funding in a round around June 2017 from investors including Edastra Venture Capital, Filip Engelbert, GP Bullhound, Inbox Capital, Johan Kleberg, Jonas Nordlander, and Northzone, reportedly $8 million, though no post-money valuation is specified. The company operated a direct-to-consumer model with daily rotating products to drive engagement. No specific use of funds or valuation multiples were detailed for this round. |
| Nov 2016 | Seed | GP Bullhound (lead); Northzone (lead); Tedlex Capital Partners; Inbox; Magnus Lindstam; Michael Knutzon | $4M | $29M | Matsmart is a Swedish e-commerce company founded in 2013 that sells surplus grocery stock, soon-to-expire products, and items discarded for cosmetic reasons at discounted prices to reduce food waste. The platform sources products from suppliers and offers them online well below normal retail prices across Sweden. In November 2016, Matsmart raised approximately €3.7 million (SEK 30-40 million) led by Northzone and GP Bullhound, with participation from Inbox, Tedlex Capital Partners, business angels Magnus Lindstam and Michael Knutzon, and prior investor Edastra. The round exceeded the initial target of SEK 20 million due to strong investor interest. The post-money valuation reached about €25 million. The company demonstrated rapid growth, with turnover increasing from €250,000 in 2014 to €2.6 million in 2015, and expected to hit nearly €7 million in 2016. This funding supported continued expansion to meet rising demand from customers and suppliers. |
| Dec 2015 | Seed | Northzone (lead); GP Bullhound | $4M | $29M | Matsmart is a Swedish e-commerce company founded in 2013 that sells surplus grocery stock at steep discounts (up to 90% off retail prices) to reduce food waste. The company sources surplus food due to packaging changes, branding updates, seasonality, or short expiration dates, and sells it to price-conscious consumers across the Nordic region. In December 2015, Matsmart raised 30 million SEK (approximately 3.6 million USD) from Northzone, GP Bullhound, and existing investor Edastra. The round valued the company at approximately €25 million. By 2016, Matsmart had achieved yearly revenues of €20 million and prevented 706 tonnes of food from going to waste. The company demonstrated rapid expansion following the 2015 round, growing from 3 million SEK in turnover in 2014 to nearly 30 million SEK by 2015. After this funding, Matsmart expanded beyond Sweden into Norway and Finland, with investors noting the significant opportunity in the €200 billion European discount food retail market, one of the fastest-growing segments in food retail. |
| Oct 2015 | Seed | - | $600K | - | - |
Who has invested in Matsmart?
24 investors have backed Matsmart across its funding rounds, including Northzone, GP Bullhound, SEB Group, Norrsken VC, Inbox Capital and LeadX Capital Partners.
Lead investors include Blume Equity, LeadX Capital Partners, IKEA, D-Ax Corporate Venture Capital, Norrsken VC and 2 other investors.
Matsmart Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 London | 6 | Lead | Dec 2015 | |
| London | 4 | Lead | Dec 2015 | |
| Stockholm | 3 | Participant | Mar 2021 | |
| Stockholm | 2 | Participant | Nov 2021 | |
| Stockholm | 2 | Participant | Jun 2017 | |
| London | 2 | Lead | Nov 2021 | |
| Stockholm | 2 | Participant | Mar 2021 | |
| Stockholm | 2 | Lead | Dec 2017 | |
 Leiden | 2 | Participant | Oct 2019 | |
 Munich | 2 | Lead | Oct 2019 | |
| Sweden | 2 | Participant | Jun 2017 | |
| Stockholm | 1 | Participant | Nov 2021 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Tedlex Capital Partners | London | 1 | Participant | Nov 2016 |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialMatsmart Competitors
Matsmart competitors include listed companies like Mene, Vetted Assets and Hamee, and private ones like Bonaverde, Kit & Kin and Nasher Miles.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Berlin | Private | - | - | $35M | - | |
| Saint Albans | Private | - | - | $30M | - | |
 Canada | Publicly listed | $20M | $968K | $30M | - | |
| Sweden | Publicly listed | $13M | $7M | $30M | 1.5x | |
 Mumbai | Private | $13M | - | $30M | 2.3x | |
 Japan | Publicly listed | $142M | $10M | $30M | 0.4x |
Matsmart Public Comps
Matsmart is still privately-owned, but its public comps include Borealis Foods, Newtree, Mene, American Premium Water, Vetted Assets, Agrícola San Juan, Senshukai, Hamee, Desenio Group and FoodHub.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $30M | ($11M) | 1.8x | - | (4.9x) | - | |||
| - | ($537K) | - | - | (55.0x) | - | |||
| $20M | $968K | 1.0x | - | 21.7x | - | |||
| - | - | - | - | - | - | |||
| $13M | $7M | 2.6x | 1.5x | 4.7x | 62.7x | |||
| - | - | - | - | - | - | |||
| $270M | $30M | - | - | - | - | |||
| $142M | $10M | 0.4x | 0.4x | 4.9x | 5.0x | |||
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Common questions about Matsmart
| When was Matsmart founded? | Matsmart was founded in 2014. |
| Where is Matsmart headquartered? | Matsmart is headquartered in Stockholm, Sweden. |
| Is Matsmart publicly listed? | No, Matsmart is a private, VC-backed company. |
| What is Matsmart's valuation? | Matsmart was last valued at $29M in its seed round in November 2016. |
| How much funding has Matsmart raised? | Matsmart has raised $222M across 12 funding rounds. |
| What was Matsmart's last funding round? | Matsmart's last funding round was a $44M Series D in November 2023. |
| Who are Matsmart's investors? | Matsmart's investors include Northzone, GP Bullhound, SEB Group, Re:food, Edastra Venture Capital, Blume Equity, Gullspång Invest, Norrsken VC, Ingka Group, LeadX Capital Partners and 14 others. |
| What is Matsmart's revenue? | Matsmart's latest recorded revenue is $8M (November 2016). |
| What is Matsmart's revenue multiple? | Matsmart's latest valuation implies a 3.6x revenue multiple ($29M valuation on $8M of revenue). |
| Which companies are comparable to Matsmart? | Companies comparable to Matsmart include Bonaverde, Kit & Kin, Mene, Vetted Assets, Nasher Miles and Hamee. |
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