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UPDATE 1-Norwegian online grocery company Oda raises 223 million euros

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STOCKHOLM, April 8 (Reuters) – Norwegian online grocery company Oda said on Thursday it had raised 223 million euros ($ 265 million) in a funding round led by the tech investment firm Prosus NV and SoftBank to help it grow.

Oda, which delivers groceries, meal kits and household items to Norwegian homes, said existing investors Kinnevik and REMA were part of the investment round, which was being managed by Carnegie.

The company, which changes its name from Kolonial, will use the funding to start its international expansion.

We look forward to offering our services to clients in Finland later this year and in Germany in 2022, Oda CEO and co-founder Karl Munthe-Kaas said in a statement.

Kinnevik said the development of Odas and the new funding round indicated an increase in value of more than 40% to just under 1.6 billion kroner for its investment in Oda. The investment was valued at SEK 1.087 billion in Kinneviks year-end publication.

The Swedish investment firm added that it became Odas’ largest shareholder through the deal, with a 21% stake.

Oda currently accounts for over 70% of online grocery orders in Norway.

Odas’ leadership and impressive growth in Norway, coupled with its revolutionary technology and ambition to expand across Europe and beyond, make it an ideal partner to seize the grocery opportunity during the next few years, said Larry Illg, CEO of Prosus Food.

Oda said SoftBank investor Neil Cunha-Gomes and Roger Rabalais, CFO of Netherlands-based Prosus Groups Food Delivery, will join its board of directors as part of the transaction.

(1 USD = 0.8418 euros)

$ 1 = 8.4636 Norwegian kroner Reporting by Helena Soderpalm; edited by Simon Johnson and Jason Neely

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