Kinnevik invests $15 million in MatHem

kinnevik

Kinnevik AB said it has committed to invest an additional SEK 150m in a funding round of approximately SEK 500m in MatHem.

As part of the funding round, Swedish institutional investor AMF, invested SEK 280m to become MatHem’s third largest shareholder with an ownership stake of approximately 10%, as well as MatHem’s existing shareholders Verdane and Clas Ohlson.

MatHem is Sweden’s largest independent pure-play online grocery retailer with a strong household brand built over the past ten years. The company offers a broad range of grocery products and adjacent household consumables, catering to more than half of Swedish households. With the additional investment of SEK 150m, Kinnevik has invested SEK 1.1bn in total in the company and has an ownership stake of 36%.

According to its disclosure, AMF said it has SEK 650 billion in assets under management on behalf of four million customers. It is also one of the largest owners on Nasdaq Stockholm and one of Kinnevik’s largest shareholders. With the investment of SEK 280m AMF becomes MatHem’s third largest shareholder with a 10% ownership stake.

Georgi Ganev, CEO of Kinnevik, commented: “MatHem continues to be at the forefront of the transformation in the grocery space, and a clear leader in its core market. We are delighted that AMF has decided to invest in the company and to be part of this journey. The funding round means that the company is well capitalized for the future, allowing Johan and his team to focus on growing the business and improving operational efficiency.”

Anders Oscarsson, Head of Equities at AMF, commented: “We are excited to invest alongside Kinnevik in MatHem as we share their conviction in the significant opportunity in transforming this large market. We have been impressed by the strong team at MatHem and their plans for the future.”