OSLO (Reuters) – Norwegian online grocery firm Oda said on Tuesday it had raised 1.5 billion Norwegian crowns ($151 million) in a round of funding from investment companies Kinnevik, Verdane and Summa Equity.
The latest funding valued Oda at 3.5 billion crowns, less than half the 7.5 billion it was valued at during a similar round in April 2021.
The company, which tuned a profit in Norway last year, said it will adjust its costly international growth ambitions.
“We will focus on our current initiatives in Finland and Germany, and plan to seek profitability in existing markets before expanding to other countries,” Chief Executive Karl Munthe-Kaas said in a statement.
Rasmussen Group, Prosus and Kinnevik have agreed to contribute 621 million crowns in equity through debt conversion, Oda said.
($1 = 9.9332 Norwegian crowns)
(Reporting by Terje Solsvik, editing by Gwladys Fouche)
