British online supermarket and technology group Ocado will boost its liquidity by over $1 billion (€950 million) to fund its growth, the company has announced.
The group plans to raise £575 million (€669.4 million) through a placing of new shares.
'The net proceeds of the capital raise is expected to give the company enough liquidity to fund the requirements of its existing and expected customer commitments into the mid-term, driving strong growth and returns in the future,' Ocado said.
Elsewhere, Rohlik Group raised €220 million in Series D financing round led by Belgian investor Sofina and said the new round put the firm's valuation above the C series last July, which made it a unicorn with valuation of €1 billion ($1.05 billion).
Separate Retail Offer
A separate retail offer will raise up to £6.9 million (€8.03 million) at the placing price.
Ocado also agreed a new £300 million (€349.2 million) revolving credit facility, provided by a syndicate of international banks.
In addition the group reiterated the full year guidance issued in February and updated last month.
Shares in Ocado have lost over half their value over the last year as its growth has slowed.
In May of this year, the British online grocer, owned by Ocado Group and Marks & Spencer, slashed its growth outlook as its customers ordered fewer items against the backdrop of a growing cost of living crisis.
The retailer said it expected sales this financial year to grow in the low single digits rather than the 10% it previously guided, while its core earnings margin would be in the low single digits.
News by Reuters, edited by ESM – your source for the latest technology news. Click subscribe to sign up to ESM: European Supermarket Magazine.