DoorDash to acquire food delivery company Wolt

On-demand delivery giant DoorDash announced Tuesday it was acquiring food delivery company Wolt in an all-stock deal valued at €7 billion, or $8.1 billion.

Talking about the acquisition, Tony Xu, co-founder and CEO of DoorDash said in a statement that the move “will accelerate our product development, bring greater focus to each of our markets and improve the value we provide to consumers, merchants, as well as Dashers and couriers around the world.”

Finland-based Wolt was founded in 2014 by Miki Kuusi, who, upon the deal closing, will run DoorDash International and report to Xu. The company has over 4,000 employees across 23 countries and its technology enables users to easily discover and receive food via its platform by selecting a restaurant, placing the order and hitting send.

Wolt has raised over $850 million to date, according to its Crunchbase profile. Its most recent funding round was $530 million in January, led by Iconiq Growth, with participation from Tiger Global, DST, KKR, Prosus, EQT Growth and Coatue.

Wolt represents DoorDash’s sixth acquisition, according to Crunchbase data, and its second in 2021, which includes an acquisition of Chowbotics earlier this year. The latest transaction is expected to close in the first half of 2022.

DoorDash was one of the benefactors of the global pandemic, managing to set records for orders and the value of those orders as reported in its second-quarter earnings for the three-month period ending June 30. However, the company was unprofitable overall with a net loss of $102 million for the quarter.

Credit belongs to : www.techcrunch.com

You May Also Like

Rocketplace raises $9M in seed funding to build the ‘Fidelity for crypto’

Rocketplace, a startup that aims to build a “next-generation asset management platform for crypto,” has raised $9 million in a seed funding round. A few things about this raise stood out. For one, the funding comes at an interesting time in the crypto world — during the so-called “crypto winter” and a period that has […]

YouTube Shorts will start adding watermarks to discourage cross-platform sharing

YouTube Shorts, the platform’s TikTok competitor, is rolling out a watermarking feature. That means that when creators make a short on YouTube, they won’t be able to download their video and cross-post it to other apps without a YouTube watermark. A YouTube community manager posted about the update yesterday on a support thread that chronicles […]
error: Content is protected !!