We’re preparing for the uncertain road ahead
"Covid-19 has dramatically changed the world we live in. Wolt wants to do our best to ensure that we’re around for many years to come", writes Wolt CEO Miki Kuusi.
Covid-19 has dramatically changed the world we live in. As countries all around the world are preparing to lift restrictions bit by bit, many find themselves wondering what the future will turn out to be like.
Both the change and uncertainty caused by the outbreak have left their mark on companies too. For Wolt, the beginning of the pandemic meant we were classified as “crucial” service in some of the countries we operate in, as food delivery and our restaurant and courier partners made it possible for people to stay home and prevent the virus from spreading. At the same time, it offered a lifeline to restaurants that could no longer welcome dine-in customers, and couriers a way of earning while many industries were in turmoil.
“Our responsibility is something that should not be taken lightly.”
Our responsibility is something that should not be taken lightly. On one hand, we’ve seen growth across many of our markets, but on the other hand, we’re facing a lot of uncertainty about what the future holds, as it looks like the world might be heading to a global recession of 6–18 months.
It’s this uncertainty that we want to prepare for and do our best to ensure that we’ll be around for many years to come. Today, we partner with more than 10,000 restaurants and 20,000 couriers across 22 countries and 80 cities, while we have more than 1,000 people working in our offices across our markets. We do not take this responsibility lightly, as there are so many people that, at least partially, depend on us in this difficult time.
“We need to do everything we can to stay in business even if recession were to hit us.”
Although Wolt as a company is in a good place, we need to do everything we can to stay in business even if recession were to hit us and global customer demand would go down. We’ve made a conscious decision to prepare for tougher times through venture capital, not by applying for government aid. Without the global crisis and a possible recession ahead, we would not have been raising a round, but it’s our responsibility to do everything we can to be there for our employees and partners.
To ensure we get through this, we’re today sharing the news that Wolt has secured a new €100 million round of funding. This round was raised from current investors, including ICONIQ Capital, Highland Europe, 83North and EQT Ventures, with Goldman Sachs’ Growth Equity team joining as a new investor.
It’s been almost exactly a year since we raised our previous round, the purpose of which was to fuel our growth, marketing and hiring. We have since grown to serve 5 million customers in 22 countries. This is all thanks to our team. The team, which has grown from 450 a year ago to 1,000 people today. While the reasons for the new funding round are not as exciting as a year ago when we last raised, we’re humbled that our investors continue to believe in our potential and the way we do things.
“Since last year, we have grown to serve 5 million customers in 22 countries.”
Thank you to all of the restaurants, couriers and companies working together with us, as well so all of our wonderful employees and customers for making this possible. We’ll continue to work hard and do our best to help our societies navigate during this difficult time.