In Finland, many have suspected a loss-making growth company and are cynical about their startups. Miki Kuusi has always fulfilled what he promises and shown how to create a billion company in Finland.
Woltin the acquisition news hit the tax date appropriately.
On the list of Finland’s high-income earners, it is possible to make an important social observation of where Finnish prosperity currently comes from. About growth companies.
That is, of the technology startups that were only a seed ten years ago, and those Miki Kuusi encouraged when he was the chairman of the Aaltoes student organization in 2011.
The founder of Aaltoes, the founder and CEO of the marketing technology software company Smartly.io, was also sixth on the tax list. Kristo Ovaska. In 2020, an American venture capitalist bought a majority stake in Smartly for EUR 200 million.
The founder of Supermetrics, which develops marketing technology, was also found there Mikael Thuneberg ranked five, as well as many executives from gaming company Supercell and Small Giant Games. In fact, at least 14 of the 20 most earned names have risen from the Finnish startup field.
Miki Kuusi and Kristo Ovaska were launching the Finnish startup phenomenon. Since then, the Finnish growth business field has taken a huge leap, and now some of its fruit is being collected.
Acquisition In connection with this, Wolt promises that product development and domicile will remain in Finland and that corporate taxes will also be paid in Finland.
According to its estimate, the transaction would be taxed in Finland for more than EUR 600 million when the shares exchanged in the transaction become taxable. However, it is still a completely speculative amount.
The deal is expected to close in the first half of next year, and until then, the price will live with Doordash’s share price. The final transaction amount or tax pot is therefore not yet known. Even then, the money will not be transferred directly to anyone’s account, but those who own Wolt shares will receive Doordash shares in their place.
Typically, management and executives are subject to restrictions in the transaction on how quickly they even get their shares to start selling. Often the restriction is at least 6 to 12 months.
It is likely that Miki Kuusi and other Wolt executives will be on the tax lists in 2023 at the earliest.
Six and the partners are not leaving Wolt anywhere, and neither they nor the investors have actually made exits yet – at least before they can sell their shares. The transaction amount will be paid in Doordash shares. This means that in the future, the future of the companies will be tied to each other and they will be on a common journey.
“I waved The underlying idea has always been to set up companies in order for Finland to succeed. It has a bigger purpose than holding a party, ”Kuusi said in an interview a few years ago.
Kuusi continued along the same path as Slush’s CEO, elevating the event to an international conference and phenomenon of more than 25,000 attendees. The same level of ambition was in building Wolt from the beginning.
“I have been strongly influenced by Slush’s culture. There is an attitude to it, there is little experience, but things are learned along the way,” Kuusi has said earlier.
Six play the game of building startups strategically, and at the tough level of Silicon Valley. When it comes to the giants of the platform economy, they cannot be dealt with at home. Also CEO of Doordash Tony Xu praised the Wolt team and the ability of the company’s management to implement its strategy effectively.
Along the way, many in Finland have been cynical and skeptical about Wolt. The platform economy and the role of messengers internationally in the sector as a whole must, of course, be viewed critically as an ethical issue. However, if Wolt is viewed as a growth company purely financially, the company has demonstrated an exceptional ability to implement its vision effectively.
The background is an attitude in which the young generation of entrepreneurs sucked their lessons from Silicon Valley, immediately went international and ambitiously pursued what might have traditionally been considered impossible in Finland.
The result is Finnish business history. In it, Wolt joins alongside Rovio and Supercell and shows the model to others.
And Miki Kuusi didn’t do it alone, but after Kuusen, he had shown his nails as CEO of Slush. Marianne Vikkula and Riku Mäkelä.
Mäkelä is Wolt’s Chief Operating Officer and Vikkula has been responsible for expanding into new markets. So Slush has been a college of corporate leadership for his generation.
In the United States, there is talk of a Paypal mafia among a number of companies that the founders of Paypal later founded. In Estonia, Skype laid the foundation for the ecosystem by talking about the Skype Mafia in general.
The term Slush mafia could be introduced in Finland. More success stories will certainly emerge from its ranks, the founders of which have the same attitude.
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