Wolt is a Finland-based online food delivery platform founded by CEO Miki Kuusi (former CEO of Slush, an annual startup and tech conference) that delivers a variety of food from restaurants to homes and offices. Wolt initially focused on being a mobile-first app and only later optimized its web approach to create an online platform for customers. The company’s proprietary algorithm optimizes customer experience continuously as well as logistics (calculating routes in real-time) to increase delivery efficiency.
As of January 2021, the company operated in 129 cities in 23 countries, most of which are Nordic and Eastern European, with Germany the latest nation to join the fray (August 2020). Further, it has connected with more than 30,000 restaurants and over 60,000 couriers. Wolt’s revenue exceeded EUR 30 million (approximately USD 34.2 million) in 2018, and was recognized as the second-fastest growing company in Europe in 2020 by the Financial Times.
Wolt received an investment of EUR 7.5 million (approximately USD 8.8 million) from Lukasz Gadowski, co-founder of Delivery Hero, in October. Wolt looks to compete with dominant competitor Just Eat Takeaway for the German market, having launched in Berlin, Germany in August 2020. In January 2021, the company raised USD 530 million in a new venture round.
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