Lost unicorn status in a December 2022 down round at a ~$353M post-money valuation
The rise & fall
6 moments · 2013–2024
The key moments, with employee sentiment along the way.
2013
🌱
2013
Founded in Oslo as Kolonial.no
Highly efficient automated warehouses make Norwegian online grocery actually work.
Wikipedia
2021
📈
2021
The peak: $1.2B on Vision Fund money$1.2B
A SoftBank-backed round values the grocer at 10.2 billion kroner; Kolonial.no rebrands as Oda and eyes Europe.
TechCrunch
2022
2022
Pushes into Finland and Germany
The expansion proves costly just as the market turns.
Sifted
Dec 2022
💔
Dec 2022
The down round: unicorn no more$353M
$151M lands at roughly 3.5 billion kroner (~$353M) post-money — down about 70% from the peak.
TechCrunch
2022–24
💬
From the inside · Glassdoor reviews, 2022–24
Glassdoor reviews from the retreat years were striking for how many employees still praised the culture, even as they described successive downsizing rounds after autumn 2022 and instability they tied to constant fundraising and cash burn.
2023–24
2023–24
Retreats to the Nordics, merges with Mathem
Germany and Finland are abandoned in 2023; Oda then combines with Sweden's Mathem.
Sifted
💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.
How it happened
Oda was a Norwegian online-grocery pioneer, known for highly efficient automated warehouses and backed by SoftBank's Vision Fund, Kinnevik, Verdane and Summa Equity. It reached unicorn status in 2021 at 10.2 billion kroner (around $1.2B) and pushed into Germany and Finland — expansion that proved costly as the market turned.
A December 2022 down round raised $151M but at roughly 3.5 billion kroner (~$353M), stripping its unicorn status; Oda later retrenched to the Nordics and merged with Sweden's Mathem.
Source: TechCrunch / Sifted / PitchBook (Norwegian online-grocery startup backed by SoftBank's Vision Fund, Kinnevik, Verdane and Summa Equity; reached unicorn status in 2021 at 10.2B kroner (~$1.2B); a December 2022 down round of $151M cut its post-money valuation to ~3.5B kroner / ~$353M, stripping its unicorn status; later merged with Sweden's Mathem)
