Delivery app DoorDash has reached a deal to acquire Finnish delivery operator Wolt in an all-stock deal worth €7bn.
Helsinki-based Wolt, which has more than 4,000 employees, operates in 23 European markets, including Germany, where DoorDash has been eager to gain a foothold in the highly competitive market for food and grocery delivery.
The app has more than 2.5m active users, according to an investor presentation published on Tuesday. It said Wolt’s gross order volume — the total value of all transactions — was more than $2.5bn, on an annualised basis.
Miki Kuusi, Wolt’s founder and chief executive, will run DoorDash International, a new division for its operations outside the US. He will report to Tony Xu, DoorDash chief executive, according to a release announcing the deal.
Other “key executives” would also be joining DoorDash, the company said. The deal is expected to close in the first half of 2022, subject to regulatory approval.
Wolt, founded in 2014, had raised more than $800m as a private company, including a $530m round of financing in January led by Iconiq Capital.
Read more on DoorDash’s new acquisition here