Softbank-Backed Norwegian E-Grocer Reaches $1 Billion Valuation

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Oda, Norway’s largest online grocery business, became the Nordic country’s latest unicorn after a new transaction valued the business at 10.2 billion kroner ($1.2 billion), Chief Executive Officer Karl Munthe-Kaas told newspaper Dagens Naeringsliv.

An “international financial player” bought shares totaling about 40 million kroner from smaller investors this week, Munthe-Kaas told the paper, which did not identify the buyer.

The new valuation implies an increase of 36% in six weeks, following a 223 million-euro ($271 million) funding round that included SoftBank Group Corp.’s Vision Fund 2. Carnegie was the company’s adviser on both deals.

Oda’s revenue was as much as 2 billion kroner last year, with an operating profit margin of minus 3%, the CEO was cited as saying.

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