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Discount supermarket Motatos has announced it has raised €38m (£33m) through a new share issue to existing shareholders.
The financing round was jointly led by Exor Capital and the company’s largest owner, SEB Private Equity. The new funds will be used to accelerate growth in Motatos’ key markets of Germany and the UK.
Chief executive and founder Karl Andersson will work alongside the company’s former chief operating officer, Peter Beckius, who was appointed as co-chief executive in June. While Andersson will continue to focus on external stakeholder relations, innovation and partnerships, Becklus will head up the global development of the business.
Andersson said: “We are experiencing a very strong and stable growth and development of our business – and in this time of market turmoil our relevance only increases further. Taking care of the resources we let into production – for the climate’s and the consumer wallet’s sake is not only common sense, but really very urgent.
“Ultimately, this injection of capital allows us to accelerate the sustainable shift in the food and retail sectors in major European markets.”
Beckius added: “I look forward to continuing working alongside Karl improving and developing our business model and customer offer further. During the year we have had a continued strong development, most notably with continued high growth in Germany and a successful launch in the UK. With new financing in place, we are in a great position to accelerate that growth.”
