Kolonial.no raises €223 million round, becomes Oda

Norway-based online grocery store Kolonial.no raised 223 million euros this week and said it would rename itself as Oda as it starts to expand its services to Finland and Germany.

Oda, whose mission is to be the most effective online grocer in the world, is today Norway’s largest online grocery business with 70% market share, providing thousands of people with same and next-day home deliveries of high-quality groceries, meal kits, and household items.

The massive funding round was led by Prosus and SoftBank Vision Fund 2* with existing investors Kinnevik and REMA both participating.

Oda said it has started construction of a state-of-the-art fulfilment centre in Finland and is due to launch in Helsinki later this year, while it plans to launch its offering in Germany in 2022.

“In Oda, we believe we have cracked the e-grocery logistics code to become the most affordable, the freshest and the greenest e-grocer in the world.”

Karl Alveng Munthe-Kaas, CEO and co-founder of Oda

“Our proprietary technology and automation, creates an extremely effective value chain from farm to fork, allowing us to compete profitably with discounters on price. This puts us in a unique position to win the global e-grocery race,” Munthe-Kaas said in a statement.

“Online grocery represents a large growth opportunity and compared to traditional e-commerce, is still in its very early days. Our expertise from operating and investing in e-commerce and food delivery companies for over a decade, many of which now have promising grocery delivery businesses, positions us well to capitalize on the opportunity in online grocery,” said Larry Illg, CEO of Prosus Food.