Oda

Oda (formerly Kolonial) is a Norwegian startup founded in 2013 offering online grocery shopping with home delivery, operating mainly in Norway and Sweden. After reaching unicorn status in April 2021 at a $1.2 billion valuation, the company went through a period of significant downsizing: in December 2022 it raised a final $151 million round at a valuation of just $353 million, a 71% drop from its peak, reflecting the broader market correction hitting quick commerce and grocery delivery after the pandemic-era euphoria. November 2023 marked a strategic turning point with the merger with Sweden's MatHem, followed by a restructuring path: in June 2024 the company cut 150 positions to refocus on Norway and Sweden, exiting other markets. That turnaround bore fruit in 2025: Norway posted 14% year-over-year growth, while in Sweden the MatHem restructuring was completed with reduced costs and improving performance. In February 2025, Oda also appointed a new CEO and launched Oda Systems, a Logistics-as-a-Service division that makes its internally developed logistics infrastructure available to third parties — a new avenue for growth and revenue diversification. As of February 28, 2026, headcount stood at 878 employees, reflecting the consolidation path after years of hypergrowth. Oda has raised a total of $473 million across 5 rounds from 11 investors, and remains a Nordic case study in how a grocery delivery scale-up can correct course from unsustainable growth toward a more disciplined model, betting on logistics as a new source of value beyond direct-to-consumer sales.