Helsinki-based food delivery startup Wolt unveiled a $530 million round of financing following its rapid expansion within the grocery and retail sectors during 2020.

“We raised this round of financing to further strengthen our balance sheet, allowing us to think long-term and double down on building even stronger positions across our markets while continuing to expand our offering beyond the restaurant,” Miki Kuusi, CEO and cofounder of Wolt said in a statement.

ICONIQ Growth led the round while Tiger Global, DST, KKR, Prosus, EQT Growth and Coatue joined as new investors. 83North, Highland Europe, Goldman Sachs Growth Equity, EQT Ventures and Vintage Investment Partners from Wolt’s existing investors also participated in the round.

The new round takes the total amount of financing Wolt has raised to $856 million.

Wolt launched in 2015 in Helsinki, Finland with 10 restaurants. In just five years, Wolt has expanded to 23 countries and 129 cities.

During the past year, Wolt has gone beyond restaurants and takeaways into the grocery and retail sectors: for example, it’s now possible to purchase everything from cosmetics to pet food and pharmaceuticals on the platform.

“We operate in an extremely competitive and well-funded industry, and this round allows us to have a long-term mindset when it comes to doubling down on our different markets,” Kuusi said.

“Despite the turbulence of 2020, we’ve remained focused on growth, tripling our revenue to a preliminary $345 million against a net loss of $45 million. Compared to the $662 million in new capital that we’ve raised during the past year, this puts us into a strong position for investing in our people, technology, and markets when thinking about the next few years ahead,” he said.

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