Venture • Internet Software and Services

EQT, KKR and ICONIQ Capital Invest In Wolt

On January 25, 2021, private equity firm EQT, private equity firm KKR and growth capital firm ICONIQ Capital invested in internet software and services company Wolt

Investment Context
  • This is EQT’s 10th, KKR’s 27th and ICONIQ Capital’s 20th transaction in the Internet Software and Services sector.
  • This is EQT’s 14th, KKR’s 2nd and ICONIQ Capital’s 1st transaction in Finland.
Investment Fate
  • Wolt was sold to a publicly-traded strategic buyer in 2021 for 7.0B EUR.

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Investment Summary

Date January 25, 2021
Target Wolt
Sector Internet Software and Services
Investor(s) EQT
KKR
ICONIQ Capital
Deal Type Venture

Target Company

Wolt

Helsinki, Finland
Wolt is a technology company that makes it incredibly easy to discover and get the best restaurants, grocery stores, and other local shops delivered to home or office. Wolt works together with over 30,000 restaurant and retail partners as well as with over 60,000 courier partners across 23 countries and 129 cities. Wolt was founded in 2014 and is based in Helsinki, Finland.
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Investors Overview 3

Investor

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.


Deal Context for Investor #
Overall 243 of 320
Sector: Internet Software and Services 10 of 20
Type: Venture 1 of 3
Country: Finland 14 of 14
Year: 2021 2 of 24
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 Zelestra

Getxo, Spain

Zelestra is a vertically integrated developer and independent power producer, focused on utility scale renewable projects across multiple technologies with a strong international pipeline. Zelestra is based in Getxo, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-28 Torghatten

Brønnøysund, Norway

Torghatten is a private passenger transportation company with a focus on sea and land transportation services and is a critical part of the country's transportation infrastructure. Torghatten was founded in 1878 and is based in Brønnøysund, Norway.

Buy -
Investor

KKR

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


Deal Context for Investor #
Overall 370 of 503
Sector: Internet Software and Services 27 of 39
Type: Venture 31 of 35
Country: Finland 2 of 3
Year: 2021 2 of 52
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 PropertyGuru

Singapore, Singapore

PropertyGuru is an online property portal group focused on serving clients across Singapore, Malaysia, Indonesia, and Thailand. PropertyGuru was formed in 2006 and is based in Singapore.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-26 Cherwell Software

Colorado Springs, Colorado, United States

Cherwell Software LLC is an IT and enterprise service management, Cherwell Software empowers IT to lead through the use of powerful and intuitive technology that enables better, faster, and more affordable innovation. The Cherwell® Service Management platform is built from the ground up with a unique codeless architecture that enables rapid time to value, infinite flexibility, and frictionless upgrades every time—at a fraction of the cost and complexity of legacy solutions. Cherwell Software was founded in 2004 and is based in Colorado Springs, Colorado.

Sell -
Investor

ICONIQ Capital


Category Growth Capital Firm
Founded 2011
PE ASSETS 80.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

ICONIQ Capital is a private investment firm that manages capital on behalf of high-net-worth individuals, families, and institutions, with a particular focus on the technology sector. The Firm operates across multiple investment strategies including growth equity, venture capital, real estate, and philanthropic initiatives. ICONIQ Capital was formed in 2011 and is based in San Francisco, California.


Deal Context for Investor #
Overall 54 of 91
Sector: Internet Software and Services 20 of 33
Type: Venture 37 of 72
Country: Finland 1 of 1
Year: 2021 2 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-11 Komodo Health

New York City, New York, United States

Komodo Health is a data and analytics firm provides healthcare map and software suite with enterprise applications. Komodo Health is based in New York City, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-26 Calendly

Buford, Georgia, United States

Calendly is a cloud-based platform that offers a new layer of the modern digital technology stack by connecting with critical tools to automate scheduling workflows, creating a more delightful customer experience, and providing insightful, measurable data to drive better business outcomes. Calendly is based in Atlanta, Georgia.

Buy -