February 14, 2020 / 8:11 AM / 6 days ago

Online groceries group Mathem raises SEK 500 mln in funding round

STOCKHOLM, Feb 14 (Reuters) - Sweden’s Mathem said on Friday it had raised 500 million Swedish crowns ($51.68 million) in a funding round that saw pension firm AMF buy a 10% stake in the country’s biggest online grocery retailer.

Mathem said in a statement AMF had invested 280 million crowns in the funding round to become the company’s third biggest shareholder while its largest owner, investment firm Kinnevik, said it had contributed 150 million.

The funding round valued the company at 2.8 billion crowns, up from a 2.4 billion crown valuation in a round one year ago.

AMF said separately that Mathem, primarily a rival of combined brick and mortar and online grocery chains such as ICA , would use part of the raised funds to finance an expansion of its logistics capacity in the Stockholm region.

Two further existing owners, retailer Clas Ohlson and technology investor Verdane, accounted for the remaining funds raised, Mathem said.

Online shopping and home deliveries have grown rapidly in the Nordic country, mainly in major cities such as Stockholm, in recent years with Mathem’s turnover reaching more than 1.5 billion crowns in 2018.

$1 = 9.6745 Swedish crowns Reporting by Niklas Pollard, editing by Johannes Hellstrom

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