Nothern European focused buyout major Verdane bought into Finland-based Fiksuruoka, which sells surplus dry-good groceries and non-food products at discount prices. The firm said it aimed to drive an expansion in the European market.
The deal was made out of Verdane’s SEK6bn Capital X fund, which it closed in 2019. The company joins the firm’s portfolio of close to 30 digital consumer companies including Swedish online grocer MatHem and Norway-based online grocery Kolonial.
Fiksuruoka buys surplus stock from 300 suppliers to sell online at discounted prices, aiming to reduce food waste and contribute to sustainable and conscious consumption. The company said it had averted more than four million kg of food waste since its launch in 2016.
Verdane said Fiksuruoka has seen significant growth over the past few years as consumers have moved their shopping online, and become increasingly aware of issues around food waste.
Firm partner Staffan Mörndal commented, “Fiksuruoka is at a really exciting stage in its journey to bring a sustainable, digital and budget-friendly solution to one of the biggest problems the world faces – food waste. As much as 100kgs per person per year are wasted in the developed world at the consumption stage according to data from the United Nations.
“We have been consistently impressed with the Fiksuruoka team’s commitment to building a better world and keen understanding of e-commerce, and are proud to deploy our business building expertise to support the company’s inter-national expansion across Europe.”
Verdane recently made two hires in two months to boost sustainability capabilities. The firm hired management consultant Axel Elmqvist as sustainability lead and Erik Osmundsen as partner to bring in sustainability expertise.
In February it sold bamboo toothbrush maker The Humber Co to Bayn Group after soaring revenue growth.
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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/verdane-buys-into-finnish-surplus-food-e-grocer-fiksuruoka-to-drive-european-expansion.html
