DoorDash to acquire European delivery company Wolt
DoorDash will acquire the food delivery company Wolt for $8.1 billion with plans to expand its reach to Europe reports TechCrunch. Founded in 2015, Wolt is a Finland-based company that contracts out couriers to deliver takeout, groceries, and other goods to customers in 23 countries mainly throughout Europe.
Both DoorDash and Wolt announced the all-stock transaction in separate blog posts, confirming a move that will bring DoorDash to Europe for the first time. Currently, DoorDash is only available in cities across the US, Canada, Japan, and Australia.
The co-founder and CEO of DoorDash Tony Xu said: “By joining forces, we believe we will accelerate our product development, bring greater focus to each of our markets, and improve the value we provide to consumers, merchants, as well as Dashers and couriers around the world.”
All of Wolt’s 4,000 employees will remain active under DoorDash, including Wolt co-founder and CEO Miki Kuusi, who will serve as the head of DoorDash International. The deal is set to officially close in the second half of 2022.
DoorDash also acquired Scotty Labs in 2019 — a startup that builds remote-controlled vehicles — to work toward its dream of autonomous deliveries.
Along with announcing its acquisition of Wolt, DoorDash also released its third-quarter earnings for 2021.