DoorDash to acquire food delivery company Wolt

Enterprise

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.

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