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Kavall closes new financing round of SEK 155 million for continued expansion

The 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 further expansion in the Nordic region.

Swedish Kavall – which was the first in the Swedish market with ultra-fast food deliveries in less than 10 minutes – is raising SEK 155 million in a new funding round. The company is already present in several cities across Sweden and Finland, and will use the new capital to expand its service and geographical coverage.

Kavall was the first in the Swedish market to offer ultra-fast food deliveries in under 10 minutes. Consumers can use the Kavall app to order a wide range of thousands of food products for home delivery, which is then carried out by couriers employed by Kavall on electric bikes from hyper-local so-called dark stores – centrally located warehouses adapted for fast packing and delivery. The model has made a big impact in several international markets and with Kavall it came to Sweden and Finland in 2021, challenging the big players like ICA and Coop.

It was in the summer of 2021 that Kavall raised its first external capital, then SEK 50 million 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 funding round, we not only get capital to accelerate expansion, in Bonnier Ventures and Nicoya we also get more investors with long-term financial strength and strategic expertise 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.

Kavall co-founders Robin Rendahl, John Tengberg and Peter Simon.

– We have been in dialogue with Kavall since the company made its first round and have been impressed by the way the team has built its business and the growth it has shown. The team has an exceptional customer focus with an offering that positions them well to drive the fast delivery market. We look forward to supporting the company in its continued journey to deliver an outstanding customer experience,” said Dajana Mirborn, Investment Manager at Bonnier Ventures.

Nicoya, the foodtech investment firm that recently raised SEK 400 million in new capital, is one of the lead investors in the round.

– Kavall is a leader in its segment and active in next-generation sustainable food delivery. The company has shown strong performance and further growth potential in a short period of time. Nicoya is driven by consumer behaviour and these insights are central to our investment decisions. With consumers’ increasing need for convenient purchases and the momentum in the market, the company has good opportunities for continued success, says David Karlsson, Partner at Nicoya.

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