Just a few moments ago, we announced what could be considered one of the most important events in the history of Wolt. I feel incredibly humbled and proud to share that we’ve just signed an agreement and decided to combine with DoorDash to build a company that we believe has the opportunity to become the leader in the world in our industry. As a part of this approximately €7 billion all-stock transaction, DoorDash will acquire Wolt, meaning that all of our shareholders, whether investors or employees, will continue as shareholders of DoorDash. For us, this means that we will continue our journey both as Wolt and as a part of DoorDash, with me looking after our combined international operations.
This genuinely comes as a surprise, even to me
I’d imagine this comes as a surprise to many. A little over a month ago, before we kicked off this process, I did not imagine I’d be writing this blog post. So what is happening now and why?
When Tony Xu, co-founder & CEO of DoorDash, reached out to me and said that he’d like to talk, I didn’t really think too much of it. I’ve always been interested in getting to know other players in our industry, to learn from them and to share best practices. Tony and I have known each other for years, albeit not that closely, as we mainly operate in different parts of the world. As we met and talked with each other and our teams, we came to realize how similar our two companies and cultures are. We’ve both been shaped by challenging circumstances and overfunded competitors, having to make do with much less and find advantage in being smart in how we set up our product, technology and operations.
More importantly, we realized what we could build together.
Together, Wolt and DoorDash can become a global leader
DoorDash has built an amazing business in a few carefully selected countries. From product to operations, they have gone extremely deep into how to run their business at an incredible scale. Meanwhile, coming from the small country of Finland, we’ve had to master the art of expansion. Known for our capital efficiency, we have expanded to 23 countries and provided a truly local yet world-class service for our customers in each of our markets.
Together we can build one of the most significant global players in our industry. And while I’ve always been excited about building Wolt into a global leader on our own, together we can accomplish something more.
Finally, following weeks of discussions and getting to know each other we concluded that this is the right thing for both of our companies to do. And that brings us here.
Wolt will continue as we are, doing what we do best
In case you’re wondering, I’m not going anywhere. This is only the beginning for Wolt, and naturally this is the starting point for what we can build together with DoorDash. I’m genuinely excited about the road ahead.
In DoorDash, we will have a partner with a very long-term perspective to build together a significant international business in the years and decades to come. We are really committing to one thing: optimizing for success. We’re both very low-ego cultures, and ultimately this will be about figuring out what allows us to create the biggest possible impact in the years to come.
We got here because of the way we’ve built the company, and if anything, this means that we need to stick to our ways of being customer obsessed, balancing growth and efficiency, being frugal and keeping our two feet on the ground while aspiring to build something that’s truly best in the world. Wolt’s name, colour, brand, product, technology, team, central functions and markets will all continue as is. We’ll continue our journey forward both as Wolt and as a part of DoorDash. In many ways we’ll be the same, but more.
This has only been the start.
For further details about the transaction, which is expected to close in the first half of 2022, take a look at the joint press release at press.wolt.com.
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