This spring, it became clear that Matsmart had chosen to discontinue its operations in Germany, a market that previously accounted for one-third of revenue and gathered 300,000 active customers. A costly logistics agreement with a local partner put pressure on margins, leading to the decision to shut down. Through the retreat, the e-commerce retailer wants to stop the outflow of capital and instead create control over operations in Sweden, Finland and Denmark.
Loss And New Direction
The previous expansion has cost the company money. During 2024, the entire group generated SEK 1.2 billion in revenue with an operating profit of minus SEK 348 million. For the remaining Nordic operations, revenue landed at SEK 800 million in 2025, distributed across 1.3 million orders.
According to the company, cash flow is now moving in the right direction and a positive result is considered achievable in 2026.
To ensure the path forward and finance operations until it becomes self-sustaining, the ownership consortium is now choosing to inject new capital. SEB Private Equity retains its position as the largest owner, while Re:food increases its investment and steps up as the second largest investor.
The ownership list in the current round also includes players such as Lingotto Horizon, Edastra, Circularity Capital and Blume Equity. The new resources will be used to broaden the range based on what consumers on the home markets are demanding.
We are pleased with the continued support from our existing owners. This gives us the opportunity to fully focus on our strongest markets and take the Nordics to profitability. We see a clear demand from our customers – they want not only to save money but also actively contribute to reducing food waste. With this investment, we can continue to further develop our offering and take the next step in the company's development," says Sofie Zettergren, acting CEO and CFO at Matsmart.
Keeps The Sum Secret
Exactly how much money the owners choose to invest in the e-commerce retailer is kept secret, however. When asked by Breakit about the size of the round, the acting CEO chooses to leave the figure unsaid, but points out that the injection provides stability in the balance sheet during the transformation the company is currently undergoing.
We have chosen not to disclose the size of the round, but the financing strengthens the company's balance sheet and liquidity and gives us the conditions we need to take the Nordics to profitability," says Sofie Zettergren.
The owners have faith in the revised strategy. The investment serves as confirmation that the board supports management's choice to refine the business and leave the more difficult German market.
The focus is now on the core business: managing suppliers' surplus stock and transforming this into a functioning and profitable business model for consumers in the Nordics.
Matsmart has established a market-leading position in the Nordics and fulfills an important function: to offer customers affordable products by helping suppliers get paid for their surplus stock. The company already has a structurally profitable business model that can be further improved, so we are pleased to continue supporting the company on its continued growth journey together with our co-investors," says Gustaf Brandberg, Chairman of the Board of Matsmart and representative of Re:food.