Oslo-based grocery delivery startup Oda raised ~$151M from Kinnevik, Verdane, and Summa Equity at a ~$353M post-money valuation, down from ~$900M in April 2021
Context & Ripple Effects
Oda's new round is a reset of the story it told in April 2021, when the [[a:965039|Kolonial-to-Oda rebrand came with €223M led by SoftBank's Vision Fund 2 and Prosus at a €750M post-money]] — roughly $900M in dollar terms. Eighteen months later, neither of those growth-stage leads appears in the cap table; instead the round comes from Kinnevik, Verdane and Summa Equity, investors whose regional footprint includes Kinnevik's earlier backing of Swedish online grocer MatHem.
The markdown lands while the sector's 2021 benchmarks still stand: Korean grocer Kurly raised $200M at $2.2B in July 2021, more than doubling its own valuation at the cycle's peak. Oda's ~60% cut from its 2021 mark is one of the clearest Nordic data points on how far grocery-delivery pricing has come back down.
First-order effects
- SoftBank's Vision Fund 2 and Prosus are diluted out of lead position, with control of Oda's next phase passing to Kinnevik, Verdane and Summa Equity at roughly 40% of the April 2021 post-money.
Second-order effects
- Kinnevik now holds stakes on both sides of the Norway-Sweden border in online grocery via Oda and MatHem, creating pressure to rationalize which market gets capital first.
- Rivals still carrying 2021-vintage marks — Kurly most prominently at $2.2B — face investor demands to reprice or show unit economics before their next raises.
Third-order effects
- If down rounds keep resetting 2021 grocery-delivery valuations, the sector consolidates around local incumbents backed by patient regional capital rather than global growth funds, with SoftBank-era marks becoming the exception investors price against.
The trend: Quick-commerce and online grocery are repricing from their 2021 peaks toward regional-investor-led structures, with Oda's round marking how far Nordic delivery valuations have fallen.