Oda, Norwegian online grocery firm, has raised 1.5 billion Norwegian crowns ($151 million) in a round of VC funding from investment companies Kinnevik, Verdane and Summa Equity.
The latest VC funding valued Oda at 3.5 billion crowns, less than half the 7.5 billion it was valued at during a similar round in April 2021.
The company, which reported a profit in Norway last year, said it will adjust its costly international growth ambitions.
“We will focus on our current initiatives in Finland and Germany, and plan to seek profitability in existing markets before expanding to other countries,” Oda CEO Karl Munthe-Kaas said in a statement.
Rasmussen Group, Prosus and Kinnevik have agreed to contribute 621 million crowns in equity through debt conversion, Oda said.