Wolt Acquisition, Valuation, Funding & Investors
Wolt was acquired by DoorDash for $2.8B in November 2021, a 8.6x multiple on $330M of revenue.
Wolt revenue at acquisition
$330M
Last twelve months · Nov 2021
Wolt revenue multiple at acquisition
8.6x
EV/Revenue · Nov 2021
Cumulative funding Wolt raised
$825M
across 8 funding rounds
About Wolt
Wolt is a Helsinki-headquartered local-commerce platform that lets consumers order food, groceries and other goods through its app and website from partner restaurants and merchants, for pick-up or delivery by independent courier partners. It also runs its own chain of Wolt Market grocery stores and the Wolt+ membership programme. The company earns commissions and delivery fees on orders placed on the platform. As of May 2023 Wolt operated in 25 countries and more than 300 cities, with over 70,000 merchant partners, 150,000 courier partners, 20 million registered customers and more than 7,000 employees. It was founded in Helsinki in October 2014 by six founders including chief executive Miki Kuusi, launched as a pick-up app in 2015 and raised about USD 856 million from investors including ICONIQ, 83North, EQT, Tiger Global and KKR, reporting preliminary 2020 revenue of USD 345 million. DoorDash agreed to acquire Wolt in an all-stock deal in November 2021 and completed the purchase in May 2022; Wolt continues as a DoorDash brand in Europe and Asia, bought the Romanian delivery platform Tazz in 2025 and withdrew from Japan in 2026.
Founded
2014
HQ
HelsinkiWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Commission
Revenue
$330M (Jan 2021)
Valuation
$435M (May 2020)
Wolt Acquisition
Wolt was acquired by DoorDash for $2.8B on 9 November 2021.
The acquisition price implies a 8.6x revenue multiple on $330M of revenue.
Before the acquisition Wolt had raised $825M across 8 funding rounds.
DoorDash agreed on 9 November 2021 to acquire Wolt in an all-stock transaction valued at about EUR 7.0 billion (roughly USD 8.1 billion) at signing, with the DoorDash shares priced at USD 206.45 each on a 30-day average. The deal closed on 31 May 2022; because DoorDash's share price had fallen sharply in the meantime, the acquisition-date fair value of the consideration recorded in DoorDash's accounts was USD 2,842 million, of which USD 2,709 million was DoorDash Class A stock issued to Wolt's securityholders. The combination took DoorDash to 27 countries and put Wolt co-founder Miki Kuusi in charge of DoorDash's business outside the United States, with Wolt continuing as a separate brand in Europe and Asia. Wolt, founded in Helsinki in 2014, runs a local-commerce platform for ordering food, groceries and other goods from restaurants and merchants for delivery by courier partners, and also operates its own Wolt Market grocery stores. It had reported preliminary 2020 revenue of USD 345 million, triple the prior year, against a net loss of USD 45 million. Before the sale Wolt had raised about USD 856 million from investors including ICONIQ, 83North, EQT, Tiger Global and KKR.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 9 Nov 2021 | Strategic M&A | $2.8B | 8.6x |
Sources: sec.gov, sec.gov, press.wolt.com
Wolt Valuation
Wolt is currently valued at $435M, based on its Series D in May 2020. Read the announcement ↗
The $111M round was led by Goldman Sachs, with participation from ICONIQ Capital, Highland Europe, EQT Ventures and 83North.
Wolt's valuation has moved from $565M at its Series C in June 2019 to $435M in May 2020, across 2 priced rounds.
Wolt valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2020 | Series D | $435M | 4.5x |
| Jun 2019 | Series C | $565M | 5.7x |
Wolt Revenue
Wolt's latest recorded revenue is $330M, as of its Series E in January 2021.
Revenue grew from $99M in June 2019 to $330M in January 2021.
Wolt revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2021 | $330M | - | - | Series E |
| May 2020 | $97M | $435M | 4.5x | Series D |
| Jun 2019 | $99M | $565M | 5.7x | Series C |
* 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.
Wolt Funding History
Wolt has raised a total of $825M across 8 funding rounds.
Wolt's first fundraising round was a $500K seed round in November 2014. The most recent completed round was a $530M Series E in January 2021.
Wolt funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2021 | Series E | ICONIQ Capital (lead); KKR; EQT; Vintage Investment Partners; Highland Europe; Goldman Sachs; Tiger Global; EQT Ventures; Coatue; 83North; Prosus Ventures; DST Global | $530M | - | Wolt is a Helsinki-based technology company founded in 2015 that operates a delivery platform initially focused on food from restaurants and takeaways but expanded into grocery, retail, cosmetics, pet food, and pharmaceuticals, serving 23 countries and 129 cities by early 2021. The company completed a $530 million financing round on January 25, 2021, led by ICONIQ Growth, with new investors including Tiger Global, DST Global, KKR, Prosus Ventures, EQT Growth, and Coatue, alongside existing backers 83North, Highland Europe, Goldman Sachs Growth Equity, EQT Ventures, and Vintage Investment Partners. This round, comprising primarily primary capital with some secondary deals, brought Wolt's total funding to $856 million, following prior raises including a May 2020 extension and earlier series rounds. The financing aimed to strengthen the balance sheet for long-term growth, market expansion, and enhancing offerings beyond restaurants amid intense competition in food delivery. Wolt reported tripling its revenue to a preliminary $345 million in 2020 against a net loss of approximately $45 million, demonstrating resilience during the COVID-19 turbulence while accelerating growth without drawing on prior pandemic-related funding. The company had grown from 10 restaurants in Helsinki to partnering with over 1,500 stores across markets, employing over 2,200 people by the round's close. Wolt positioned itself for efficient operations in smaller markets with lower financing needs compared to peers, preparing for potential IPO while focusing on technology, people, and multi-market investments over the next three to five years. |
| Oct 2020 | Undisclosed stage | Lukasz Gadowski (lead) | $9M | - | Wolt is a Helsinki-based food delivery company founded in 2014, operating in multiple countries including a recent launch in Germany, delivering food from over 10,000 restaurants using a proprietary real-time logistics platform. On October 14, 2020, Wolt raised €7.5 million ($8.8 million) from Lukasz Gadowski, co-founder of Delivery Hero, adding him as a shareholder to support operations and expansion. The company had raised nearly €267 million prior to this investment and reached unicorn valuation status by this time. In 2019, Wolt reported turnover of €87.4 million, tripling from the previous year, with losses of €36.1 million, while maintaining strong relative growth and potential for profitability without further geographic expansion. Consumer behavior shifts due to the pandemic accelerated growth beyond 2020 plans, positioning Wolt ahead of schedule. The company was preparing for IPO readiness by the end of 2021, focusing on governance and processes. |
| May 2020 | Series D | Goldman Sachs (lead); ICONIQ Capital; Highland Europe; EQT Ventures; 83North | $111M | $435M | Wolt raised EUR 100 million (about USD 108 million) in a round announced on 15 May 2020, less than a year after its USD 130 million Series C. The money came from existing backers ICONIQ Capital, Highland Europe, 83North and EQT Ventures, with Goldman Sachs Growth Equity joining as the only new investor. Chief executive Miki Kuusi presented the raise as preparation for an uncertain future after the outbreak of the COVID-19 pandemic, and the company later said it had not needed to use the funds as demand for delivery accelerated. The Helsinki-based company, founded in 2014, operates an app-based platform for ordering food from restaurants for delivery by courier partners, supported by its own real-time logistics technology. By October 2020 Wolt was active in 23 countries and more than 100 cities and had raised EUR 267 million in total. It followed this round with an investment from Delivery Hero co-founder Lukasz Gadowski in October 2020 and a USD 530 million round led by ICONIQ Growth in January 2021. |
| Jun 2019 | Series C | ICONIQ Capital (lead); Lifeline Ventures; Highland Europe; EQT Ventures; 83North | $130M | $565M | Wolt raised a USD 130 million Series C round led by ICONIQ Capital, announced on 19 June 2019 together with a previously undisclosed USD 30 million Series B from January 2018. Existing investors 83North, EQT Ventures, Highland Europe and Lifeline Ventures also took part, and the announcement took Wolt's total funding to USD 175 million. The company said it would use the money to keep investing in growth, expansion and hiring, and targeted adding 1,000 people to its headcount by the end of 2020. At the time Wolt operated in 15 countries and 50 cities, employed more than 450 people including an 80-strong development team, and worked with more than 5,000 restaurants and 10,000 courier partners. The Helsinki-based company, founded in 2014, differentiates itself through proprietary technology that optimises delivery logistics in real time. ICONIQ general partner Greg Stanger cited Wolt's operating model, efficiency and unit economics as the reasons for the investment, and ICONIQ later led Wolt's USD 530 million round in January 2021. |
| Jan 2018 | Series B | 83North (lead); Lifeline Ventures; Highland Europe; EQT Ventures | $30M | - | Wolt closed a USD 30 million Series B round led by 83North in January 2018, although the financing was only disclosed in June 2019, when the company announced it together with its Series C. Highland Europe, EQT Ventures and Lifeline Ventures also invested across the two rounds, and 83North partner Laurel Bowden joined Wolt's board. At the time of the round Wolt operated in four countries and ten cities in the Nordics, and the capital funded an expansion that took it to 15 countries and 50 cities across EMEA within about eighteen months. The Helsinki-based company, founded in 2014, runs an app through which consumers order food from restaurants for delivery by courier partners, using its own real-time logistics technology. 83North went on to become Wolt's largest shareholder, with a stake of about 15%, and took part in the company's later rounds. Wolt was acquired by DoorDash in an all-stock transaction announced in November 2021 and completed in May 2022. |
| Apr 2016 | Series A | EQT Ventures (lead); Lifeline Ventures; First Fellow Partners; Risto Siilasmaa; Niklas Zennström; Alfabeat; Inventure; Ilkka Paananen; Illusian Group | $13M | - | Wolt raised €10 million (approximately $12.5 million) in a growth funding round in April 2016, led by EQT Ventures, with participation from investors including Niklas Zennström, Ilkka Paananen, and Risto Siilasmaa. This round followed a prior €2 million raise, bringing total funding to €12.5 million, and supported international expansion including a launch in Stockholm. EQT Ventures, a newly launched €566 million fund, was one of Wolt's earliest investors in this Series A-equivalent round. Wolt, a Helsinki-based food delivery platform founded in 2014, differentiated itself as a pure-mobile service amid competition from Delivery Hero and Deliveroo. EQT Ventures continued supporting Wolt through subsequent rounds until exiting via DoorDash's EUR 7 billion acquisition. |
| Nov 2015 | Seed | Inventure (lead); Lifeline Ventures (lead); First Fellow Partners; Risto Siilasmaa; Ilkka Paananen; Illusian Group | $3M | - | Wolt raised about EUR 2 million in a second seed round announced in November 2015, while the company was presenting at the Slush startup conference in Helsinki. The round was led by the Finnish venture firms Inventure and Lifeline Ventures, which had first backed the company with a combined EUR 400,000 in November 2014, and it also brought in Supercell chief executive Ilkka Paananen and Nokia chairman Risto Siilasmaa as angel investors. Inventure said the money would be used for international expansion, marketing and hiring. Wolt, founded in Helsinki in October 2014, had launched its restaurant ordering app earlier in 2015 and was then working with more than 300 restaurants in Helsinki and the Turku region. The round preceded the company's first venture round in April 2016, when EQT Ventures led an investment of about USD 11 million that funded its first launch outside Finland, in Stockholm. Wolt later grew into a multi-country delivery platform and was acquired by DoorDash in an all-stock transaction completed in May 2022. |
| Nov 2014 | Seed | Inventure (lead); Lifeline Ventures (lead); First Fellow Partners | $500K | - | Wolt raised a seed round of about EUR 0.4 million in November 2014, weeks after the company was incorporated in Helsinki in October 2014. The round was provided jointly by the Finnish venture capital firms Inventure and Lifeline Ventures, which invested a combined EUR 400,000 and went on to lead the company's next seed round a year later. The capital funded development of Wolt's first mobile app, which launched in Helsinki in 2015 as a pick-up ordering service before the company added its own courier delivery in 2016. Wolt was founded by a team of six that included Miki Kuusi, the former chief executive of the Slush startup conference, who became Wolt's chief executive. By the time of the follow-on round in November 2015 the app was working with more than 300 restaurants in Helsinki and the Turku region. The company later expanded across Europe and into Japan and Israel, raised about USD 856 million in total, and was acquired by DoorDash in an all-stock deal completed in May 2022. |
Who has invested in Wolt?
21 investors have backed Wolt across its funding rounds, including EQT Ventures, Lifeline Ventures, 83North, Highland Europe, ICONIQ Capital and Inventure.
Lead investors include ICONIQ Capital, Lukasz Gadowski, Goldman Sachs, 83North, EQT Ventures and 2 other investors.
Wolt Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Helsinki | 5 | Lead | Nov 2014 | |
 Stockholm | 5 | Lead | Apr 2016 | |
 London | 4 | Participant | Jan 2018 | |
| London | 4 | Lead | Jan 2018 | |
 San Francisco, CA | 3 | Lead | Jun 2019 | |
| Helsinki | 3 | Participant | Nov 2014 | |
| Helsinki | 3 | Lead | Nov 2014 | |
![](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} Risto Siilasmaa | Helsinki | 2 | Participant | Nov 2015 |
| New York City, NY | 2 | Lead | May 2020 | |
| Ilkka Paananen | Helsinki | 2 | Participant | Nov 2015 |
| Helsinki | 2 | Participant | Nov 2015 | |
| New York City, NY | 1 | Participant | Jan 2021 | |
| Stockholm | 1 | Participant | Jan 2021 | |
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Start Free TrialAcquisitions by Wolt
Wolt has acquired 2 companies to date.
Last acquisition by Wolt was on October 14th 2024. Wolt acquired Tazz for undisclosed valuation.
Latest Acquisitions by Wolt
| Description | Tazz is a Bucharest-headquartered on-demand delivery platform in Romania partnering with hundreds of restaurants for food orders and eMAG for 60-minute product shipments. Operating in major cities like Bucharest, Cluj-Napoca, and Timișoara, the service employs riders for rapid logistics covering groceries, pharmacy items, and retail goods via its mobile app. | Daily is a Warsaw-based food delivery platform in Poland that connects customers with nearby high-quality restaurants for fresh meal transport. Couriers on bicycles and scooters carry insulated cubic packages across the city, handling orders from eateries, bakeries, and delicatessens. Launched in early 2016, the service emphasizes rapid urban logistics in the capital while expanding operations nationwide. |
| HQ Country |  |  |
| HQ City | Timisoara | Warsaw |
| Deal Date | 14 Oct 2024 | 9 Nov 2018 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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Wolt Competitors
Wolt competitors include listed companies like Swiggy and Goto Gojek Tokopedia, and private ones like OPay, Weee!, Zepto and Rappi.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Lagos | Private | $536M | - | $2.8B | 73.7x | |
| San Francisco, CA | Private | $400M | - | $4.1B | 10.3x | |
 Bengaluru | Private | $2.4B | - | $4.5B | 1.9x | |
 Bogotá | Private | - | - | $5.3B | - | |
| India | Publicly listed | $2.4B | ($328M) | $5.3B | 1.5x | |
 Indonesia | Publicly listed | $1B | ($16M) | $1.4B | 0.3x |
Wolt Public Comps
Wolt is no longer listed, but its public comps include Rasan, Inchcape, People, Visional, Urban Company, TX Group, Stubhub, Tongcheng Travel, Seek and Ocado Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $174M | $73M | 16.2x | 10.4x | 38.9x | 24.5x | |||
| $12B | $868M | 0.3x | 0.3x | 4.5x | 4.3x | |||
| $2.4B | $122M | 1.4x | 1.7x | 27.1x | 12.2x | |||
| $628M | $184M | 3.1x | 2.9x | 10.7x | 10.8x | |||
| $165M | ($26M) | 14.0x | 11.3x | (88.3x) | (53.3x) | |||
| $1.1B | $312M | 2.4x | 2.5x | 8.1x | 9.0x | |||
| $1.7B | ($1.4B) | 1.4x | 1.3x | (1.8x) | 6.5x | |||
| $2.9B | $663M | 0.8x | 0.7x | 3.4x | 2.8x | |||
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Common questions about Wolt
| When was Wolt founded? | Wolt was founded in 2014. |
| Where is Wolt headquartered? | Wolt is headquartered in Helsinki, Finland. |
| Is Wolt publicly listed? | No, Wolt was acquired by DoorDash in November 2021. |
| Who acquired Wolt? | Wolt was acquired by DoorDash in November 2021. |
| How much was Wolt acquired for? | Wolt was acquired for $2.8B in November 2021, a 8.6x revenue multiple. |
| What is Wolt's valuation? | Wolt was last valued at $435M in its Series D in May 2020. |
| How much funding has Wolt raised? | Wolt has raised $825M across 8 funding rounds. |
| What was Wolt's last funding round? | Wolt's last funding round was a $530M Series E in January 2021, led by ICONIQ Capital. |
| Who are Wolt's investors? | Wolt's investors include Lifeline Ventures, EQT Ventures, Highland Europe, 83North, ICONIQ Capital, First Fellow Partners, Inventure, Risto Siilasmaa, Goldman Sachs, Ilkka Paananen and 11 others. |
| What is Wolt's revenue? | Wolt's latest recorded revenue is $330M (January 2021). |
| Which companies are comparable to Wolt? | Companies comparable to Wolt include OPay, Weee!, Zepto, Rappi, Swiggy and Goto Gojek Tokopedia. |
| How many companies has Wolt acquired? | Wolt has acquired 2 companies, including Tazz and Daily. |
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