Norwegian online grocery firm Oda said on Thursday it had raised 223 million euros ($265 million) in a funding round led by technology investment firm Prosus NV and SoftBank to help it expand.

Oda, which delivers of groceries, meal kits and household items to Norwegian homes, said existing investors Kinnevik and REMA had participated in the investment round, which was managed by Carnegie.

The company, which is changing its name from Kolonial, will use the funding to start its international expansion.

“We look forward to bringing our service to customers in Finland later this year, and Germany in 2022,” Oda CEO and co-founder Karl Munthe-Kaas said in a statement.

Kinnevik said that Oda’s development and the new funding round pointed to a value increase of more than 40% to just below 1.6 billion crowns for its investment in Oda. The investment was valued at 1.087 billion crowns in Kinnevik’s year-end release.

The Swedish investment firm added that it becomes Oda’s biggest shareholder through the deal, with a 21% stake.

Oda currently accounts for more than 70% on the online grocery orders in Norway.

“Oda’s leadership and impressive growth in Norway paired with its ground-breaking technology and ambition to scale across Europe and beyond makes them an ideal partner to tackle the grocery opportunity over the coming years,” Prosus Food CEO Larry Illg said.

Oda said SoftBank investor Neil Cunha-Gomes and Roger Rabalais, CFO at Dutch-based Prosus Group’s Food Delivery, will join its board as part of the transaction.





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