In March 2021, PCP IV (“PCP”) provided a six year loan facility of SEK 700 million for MatHem AB (“MatHem”). MatHem is the Swedish market leader in online groceries with revenues of c. SEK 2.3bn in 2020, a customer base of c. 250 000 persons and almost 2 million annual deliveries.
The company was founded by the Kull family in 2006 and is now majority owned by Kinnevik, Verdane and AMF. The proceeds from PCP’s funding will alongside a recently completed equity issue of SEK 400 million be used to further scale MatHem’s operations in Stockholm, Göteborg and Malmö over the coming years.
David Ullenius comments: “MatHem’s rapid growth is testament to its consumer appeal, which has been further demonstrated during Covid-19. MatHem has a strong value proposition centered around convenience, a wide assortment and pricing. We see a clear path towards continued growth, both in existing and new product verticals but also from an efficiency perspective. The above, coupled with a strong management team and shareholder base, has positioned MatHem to capitalize on the growth of the online grocery market, which is showing no signs of reversal. Given PCP’s experience as a financial and strategic partner to growth companies, we believe that PCP can play an active role in supporting the continued development of MatHem.”