Funding

[Funding alert] Matsmart-Motatos Secures €40 Million Growth Round Funding

Nov 21, 2023 | By Startup Rise EU

Matsmart-Motatos secures €40 million growth round funding from Circularity Capital. a D2C e-commerce reseller of overstock dry foods and consumer products, With additional backing from current shareholders.

Matsmart-Motatos secures €40 million growth round funding from Circularity Capital. a D2C e-commerce reseller of overstock dry foods and consumer products, With additional backing from current shareholders.

Matsmart sources and resells excess merchandise that traditional retailers are unable to purchase in order to address the problem with waste in the food supply chain.

Read also -  Denmark-based Biotechnology Company NMD Pharma Secures €75M in Series B Round Funding

With the backing of the most recent funding, the company will expand throughout Germany and the Nordic countries, using the warehouse automation that has proved successful in Norway.

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Matsmart-Motatos CEO Peter Beckius commented: "Our coming five-year plan includes significant growth in the Nordic and DACH regions, and our most important investment ahead will be the automation of the German warehouse operations. Consumers are becoming increasingly conscious of the environmental impact of their daily lives, and many of us also see the need to spend very cautiously. We offer our customers sustainable shopping that is fun, affordable, and accessible to all, and naturally, this resonates well with many people."

Andrew Shannon, Partner at Circularity Capital and board member of Matsmart-Motatos concluded: "Matsmart-Motatos has already built a market-leading position in a fast-growing industry addressing a major inefficiency in the global food supply chain. The company has a robust platform ready for further scale and a dedicated team that has proven its ability to execute. We look forward to working closely with the team in executing this exciting phase of its strategic growth plan centred around continued growth in Germany and other European markets."

In addition to Circularity Capital and another new investor, SevenVentures, the investment arm of ProSiebenSat.1 and an aspect of the Group's Commerce and Ventures industry, many of Matsmart-Motatos' current investors took part in the growth capital round.

Read also - Tallinn-based Deeptech become Cleantech Startup Efenco Secures €4.5 Million in Funding

Karl Andersson, the founder, talked with Northzone, an investor in Matsmart-Motatos, about the history, importance, and prospects of the company.

About Matsmart-Motatos

Motatos is in favour of an over time overhaul of the global food system. We are a new kind of grocery store—an online retailer connecting heroes for a connected, waste-free, and healthy food future. These days, heroes take many different forms. They work for our suppliers and are their clients.

Read also - Amsterdam-based Grocery App Crisp Secures €35 Million in Funding

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