Kavall, a fast delivery startup in Stockholm, has been acquired by its competitor Mathem. Kavall has offered delivery of groceries in just 10 minutes, from its own stores to the customer’s door, while Mathem is a tech-driven supermarket that offers a flexible e-commerce service for, among other things, groceries, kitchen products, and home furnishings. The acquisition will allow Mathem to continue consolidating the food delivery market and strengthen its position in the e-commerce and fast delivery of groceries sectors. Kavall’s operations will continue under the Mathem Express brand, with Mathem acquiring 100% of the company’s shares. The deal will also provide new capital for Mathem from Kavall’s largest owners, including Bonnier Ventures.
“It feels very fun and exciting that Kavall will now become part of Mathem, which with its strong brand and well-established operational activities provides fantastic conditions for the future. We have both seen the strong demand that exists for fast deliveries, and look forward to seeing how we can develop this business successfully together through Mathem Express,” says John Tengberg, CEO at Kavall.
In connection with the deal, capital is also secured from Kavall’s four largest owners Bonnier Ventures, Inbox Capital, Nicoya and VNV Global in Mathem’s upcoming financing round, where the focus is on the continued development of the new automated logistics facility in Larsboda in Stockholm, which was put into operation at the end of last the year. The facility means important streamlining of Mathem’s operations.
“We look positively at Mathem’s and Kavall’s joint future and see potential in the business’s exciting journey towards profitability, where great focus is on efficiency through the automation that is now underway. It is therefore with confidence that we and Kavall’s other owners enter this new phase, and we look forward to supporting the company on their way forward,” says Dajana Mirborn, Investment Director at Bonnier Ventures.
“Fast deliveries are today a natural part of the cityscape, but there is a natural need for consolidation in the market. We have been impressed by Kavall’s development and what they have managed to build in a short time, and see great potential in their operations in Stockholm. With this deal, we are sharpening our customer offering even more in a growing market. In addition, we bring in owners with extensive knowledge and experience from our industry, which further strengthens Mathem’s position. They show a fantastic commitment and faith in our development, and it is incredibly gratifying to have them on board,” says Johan Lagercrantz, CEO at Mathem.
Mathem’s acquisition of Kavall means that Mathem will continue to operate Kavall’s stores in Stockholm, which supply Kungsholmen, Vasastan, Norrmalm, Östermalm and Gärdet. The stores will eventually be operated under Mathem’s brand Mathem Express.
