Oda, Norway’s largest online grocery store providing thousands of people with same-day and next-day home deliveries of high quality groceries and meals – kits and housewares , announces today that it has raised € 223m as part of a funding round led by Prosus and SoftBank Vision Fund 21 Existing investors Kinnevik and REMA have both participated in the investment cycle managed by Carnegie As part of the transaction, Neil Cunha-Gomes, investor at SoftBank Investment Advisers, and Roger Rabalais, CFO Food Delivery at Prosus Group, will join the board of directors of Oda

Oda’s mission is to be the world’s most efficient online grocer Its unique business model is built on the Nordic principles of employee well-being and a commitment to sustainability, as well as the automation of warehouses and data-driven processes Highly automated processing, coupled with a strong focus on personalizing the online shopping experience for its customers, has led Oda to become the fastest growing company in its class in the Nordic countries. During the online grocery boom associated with the pandemic, the company experienced well above 100% growth in its B2C business

Oda currently has a share of online grocery orders in Norway of over 70% and plans to use the funding to start its international expansion It has started construction of a state-of-the-art distribution center in Finland and is expected to launch in Helsinki later this year Oda also plans to launch its offer in Germany in 2022 and is in discussions with suppliers

Oda can claim to be the most efficient online grocer in the world, registering 212 UHP (units processed per hour of warehouse work), compared to 169 UHU for the UK’s leading online grocer in 2020

Karl Munthe-Kaas, CEO and Co-Founder of Oda, comments: “At Oda, we believe we have cracked the logistics code of e-grocery to become the most affordable, freshest online grocer and the greenest in the world We are delighted to finally share the news of our funding and international expansion This comes at a time when the demand for our services, not only in our native Norway, but also internationally, is incredibly strong Our proprietary technology and automation create an extremely efficient farm-to-fork value chain, enabling us to profitably compete with discounters on price. This puts us in a unique position to win the global e-grocery race We look forward to offering our service to customers in Finland later this year and in Germany in 2022″

“Oda’s leadership position in Norway is a testament to its tailored, data-driven approach to delivering a personalized, holistic and reliable online grocery experience,” added Munish Varma, Managing Partner of SoftBank Investment Advisers “We believe Oda’s client focus, industry-leading automation technology and execution efficiency is a winning combination and positions Oda to succeed in its global scale for the benefit of clients. customers and suppliers”

“Online grocery shopping represents a significant growth opportunity and, compared to traditional e-commerce, is still in its infancy Our expertise in operating and investing in e-commerce and delivery businesses of food for over a decade, many of which now have promising grocery delivery businesses, positions us well to capitalize on the online grocery opportunity, ”said Larry Illg, CEO of Prosus Food. We have seen a significant inflection point with grocery shopping over the past year with the online market transition, accelerated by COVID Oda’s leadership and impressive growth in Norway, coupled with its breakthrough technology and ambition to expand across Europe and beyond, make it an ideal partner to seize the grocery opportunity over the next few years”

Oda’s success model is centered on the efficiency of its service and accessibility for its Munthe-Kaas customers and the founding members realized from the start that a strong technical team was the key Oda therefore been built on its own end-to-end customer experience and technology infrastructure, including its own distribution center management system, routing system, and driver app (to ensure delivery routes are environmentally efficient ), and an app for consumers.In addition, Oda’s waste levels are significantly lower than in a standard supermarket; average less than 05% wastage (compared to the supermarket standard of 2%) In December 2019, Oda replaced plastic bags with cardboard boxes and now records 0% food waste on bakery products thanks to its in-house, demand-driven bakery Oda launches electric delivery vehicles, with plans to operate a fully electric fleet by 2025 Oda also rolled out another environmental innovation in November 2020 when it created Norway’s first climate dashboard for grocery products, allowing its customers to see a “receipt” revealing the CO2 emissions of each item purchased and the order produced


News from around the world – FI – Prosus co-leads a fundraising of 223 million euros in the Norwegian e-grocery sector, Oda

Source: https://www.retailtimes.co.uk/prosus-co-leads-e223m-fundraise-in-norwegian-e-grocery-business-oda/