Northzone announces investment in Matsmart
Northzone and GP Bullhound today announce a 30 million SEK investment in Swedish e-commerce company Matsmart, along with existing investor Edastra.
The company was founded in in 2013 with a simple idea to sell surplus grocery stock that would otherwise go to waste, to consumers across Sweden. Since then, they have seen explosive growth, from a turnover of 3 million SEK in 2014 to nearly 30 million SEK this year.
Co-Founders and CEO Karl Andersson thinks there are two reasons behind the success: the increased awareness of the issue of food waste, and strong customer recommendations: “Everyone likes to tell their friends when they’ve made a good deal. Our concept is now so well-known that suppliers are contacting us for partnership opportunities. With this investment, we can continue to grow and meet demand.”
Commenting on the investment, Northzone Principal and co-founder of global recipe delivery service HelloFresh, Jessica Nilsson said: “We are just at the beginning of the e-commerce revolution when it comes to groceries. Matsmart have found a winning concept which gives consumers access to great deals and reduces food waste. With their smart business model and experienced team, we are excited about what they can deliver in Sweden and internationally.”
Read the press release in Swedish here.