Stockholm-based startup Kavall has closed around €15M (155MSEK) in a funding round for its fast delivery services. Bonnier Ventures led the round with participation from Nicoya alongside its previous investors VNV Global and Inbox Capital. Through its app, the company enables users to take delivery of their groceries in 10 minutes currently in Stockholm, Gothenburg and Malmö, Helsinki and Tampere, and Oslo. It will use the funding for further expansion in the Nordics.
Kavall closes financing round of SEK 155 million for continued expansion
- The capital round of approximately SEK 155 million is led by Bonnier Ventures, Nicoya and previous investors VNV Global and Inbox Capital.
- The capital will be used for continued expansion in the Nordic region.
Svenska Kavall – which was the first on the Swedish market with ultra-fast food deliveries in less than 10 minutes – is raising SEK 155 million in a new financing round. The company is already present in several cities around Sweden and Finland, and with the new capital will expand its service and geographical coverage.
Kavall was the first to enter the Swedish market to offer ultra-fast deliveries of food in less than 10 minutes. In Kavall’s app, consumers can order a wide range of thousands of food products, where delivery then takes place with couriers employed by Kavall on electric bicycles from hyperlocal so-called dark stores – centrally located warehouses adapted for fast packing and delivery. The model has had a major impact on several international markets and with Kavall it came to Sweden and Finland in 2021, and challenges the major players such as ICA and Coop.
It was during the summer of 2021 that Kavall raised its first external capital, when SEK 50 million was led by VNV Global together with Inbox Capital. Since then, Kavall has grown from one store in Stockholm to seven stores in different cities in Sweden and Finland and has shown strong growth with high customer satisfaction. The company is now raising an additional SEK 155 million in capital from Bonnier Ventures and Nicoya, together with previous investors VNV Global and Inbox Capital.
“With this round of financing, we not only get capital to accelerate the expansion, in Bonnier Ventures and Nicoya we also get more investors with long-term financial strength and strategic competence that we value highly. Both have a deep understanding of the industry and will give us even better conditions to develop our service and continue to take market share.” says John Tengberg, CEO and co-founder of Kavall.
“We have been in dialogue with Kavall since the company made its first round and were impressed with how the team has built up its business and the growth it has shown. The team has an exceptional customer focus with an offering that makes them well positioned to drive the market for fast deliveries. We look forward to supporting the company in its continued journey to deliver an outstanding customer experience.” says Dajana Mirborn, Investment Manager at Bonnier Ventures.
Nicoya, the investment company in foodtech that recently raised SEK 400 million in new capital, is one of the main investors in the round.
“Kavall is a leader in its segment and active in the next generation of sustainable food deliveries. The company has in a short time shown a strong development and further growth potential. Nicoya is driven by consumer behavior and these insights are central to our investment decisions. With consumers’ increased need for comfortable purchases and the momentum that exists in the market, the company has good opportunities for continued success.” says David Karlsson, partner at Nicoya.
Kavall is a Swedish startup that via its app offers delivery of groceries in 10 minutes from its own store to the door with the help of Kavall’s employed riders on electric bicycles. Kavall was founded in the spring of 2021 by Robin Rendahl, Peter Simon and John Tengberg in response to the increased demand to shop on-demand. The company’s first “dark store” opened in May in Vasastan, Stockholm, and the service is now offered in addition to Stockholm also in Gothenburg and Malmö in Sweden and Helsinki and Tampere in Finland.