Addressing a structural gap in the one of the world’s largest markets
Huuva democratizes access to great food in suburbs and small cities by bringing the nation’s favourite fast casual restaurants closer to home - solving a major gap in one of the world’s largest industries: food.
Proven ability to grow and attract customers
Annualized revenue run rate of €9 million reached in under four years since launch. Serving over 200,000 customers in a total of seven cities across Finland.
Capital efficient expansion: payback times measured in months, not years.
Unit economics deliver 5–8 month payback per site - Huuva has the ability to open new stores every six weeks.
Experienced and committed leadership and investors
Founders and management combine entrepreneurial, technical, and financial expertise, supported by top-tier investors such as General Catalyst, Lifeline Ventures and Ilkka Paananen.
Powerful in-house software platform
Huuva’s proprietary software optimizes kitchen operations, order flow, and delivery coordination across multiple restaurant brands. The system increases efficiency and scalability while ensuring a consistent customer experience. It also helps reduce food waste by aligning production more closely with real demand: making the concept both profitable and sustainable.
“At Huuva, we are redefining how consumers in underserved areas access great food from leading restaurant brands. Our Foodhalls have demonstrated strong traction with rapid payback periods, and we now serve more than 200,000 customers in Finland. As we expand into new cities, the Community Round represents an opportunity to strengthen our community while supporting continued growth in Finland and future international markets.”
Ville Leppälä, CEO & Co-Founder
Huuva’s tech-enabled Foodhalls bring local hero restaurants under one roof. The company’s mission is to revolutionize suburban dining by bringing the most beloved restaurants to underserved areas.
The concept is simple yet powerful: each Huuva Foodhall hosts multiple fast-casual restaurant brands, offering variety for consumers and efficient expansion for partners. Customers are served through dine-in, takeaway, and delivery, with the option to combine multiple brands within a single order.
At the core is HuuvaOS, the operating system that keeps every kitchen running in perfect harmony. Managing timing, inventory, and orders, it allows chefs to focus entirely on cooking. Enabled by HuuvaOS, the kitchen crew’s productivity is significantly higher than in a conventional restaurant.
For restaurant brands, Huuva offers an effortless way to grow beyond their local neighborhood without financial risks or operational compromises. Through a network of tech-driven local Foodhalls, Huuva enables brands to launch and scale in new markets within weeks rather than years. By doing so, the company meets the surging demand for better food options while empowering restaurants to reach more customers, faster.
Huuva’s growth story is already validated by leading investors such as Lifeline Ventures (Wolt, Oura, Supercell) and General Catalyst (Airbnb, Snap). In just four years, Huuva has:
Its partner brand portfolio includes some of Finland’s most iconic food brands, such as Boneless (voted Helsinki’s best burger), Lie Mi (famous for Shanghai tacos), and the legendary Siipiweikot.
Huuva’s Foodhall is a multi-brand restaurant concept that enables customers to order from multiple food brands in a single transaction. The model serves customers across all channels: delivery, takeaway, and dine-in.
Introduced in 2024 to complement the original delivery-focused store format, the Foodhall concept has quickly become the Company’s primary growth driver. New Foodhalls are characterized by:
Each new Foodhall typically introduces 5–8 fast casual restaurant brands into underserved neighborhoods, creating local demand and attracting media attention. By combining multiple brands under one roof, Foodhalls can operate profitably in areas where conventional restaurant formats may not be viable, thereby fulfilling unmet consumer demand.
Huuva Foodhalls are vertically integrated, managing the full value chain from app integration and ingredient sourcing to cooking, delivery, and customer experience. The company’s proprietary operating system, HuuvaOS, automates all processes except the cooking itself. The software manages orders, guides chefs, monitors preparation times, handles inventory, coordinates supplier interactions, and runs localized marketing. This integration enables chefs to focus on food quality while the system ensures consistency, efficiency, and scalability.
Since launching in 2021, Huuva has collected more than 100,000 customer reviews, with an average rating of 8.8 out of 10, indicating a high level of customer satisfaction.
The chart below compares Huuva’s key operating metrics with some of the world's best publicly listed restaurant operators (Chipotle, Cava, Shake Shack; Sources: 2024 Annual Reports and Huuva Foodhall stores, August 2025). Huuva’s technology-enabled model allows its Foodhall stores to operate with greater efficiency than conventional restaurant formats, supported by smaller real estate footprints and significantly lower upfront investment costs per location.
Food and paper costs include the direct costs associated with food, beverage, and packaging of our menu items. The components of Food and packaging costs are variable by nature, changing with sales volume.
Labor and related expenses include store-level hourly and management wages, bonuses, and payroll taxes. Labor costs are variable, changing with sales volume.
Occupancy and related expenses consist of occupancy expenses, including rent and related expenses.
A core driver of scalability is the company’s asset-light model. New Foodhalls can be established with an upfront investment of an average of €60,000 per site, supporting rapid and capital-efficient rollout. The modular kitchen design provides flexibility to adapt brand selection with minimal switching costs, enabling the continuous evolution of offerings in response to consumer preferences.
The chart below illustrates cash flows from recent Huuva Foodhall openings, including all operating and investment costs associated with each site. Upfront costs are recorded in month 0. All locations reached positive cash flow by month 2. Foodhall 2 achieved payback in approximately 4.5 months, while Foodhalls 1 and 3 are on track to reach payback within 6–8 months. Conventional restaurant formats generally target a payback period of approximately two years.
Huuva is also piloting innovative delivery solutions. In addition to Foodhalls, the company is experimenting with autonomous sidewalk robots and testing drone deliveries in Espoo. These initiatives are designed to enhance the consumer experience through lower-cost and faster delivery, while improving unit economics and strengthening the company’s direct sales channel.
Looking ahead, Huuva intends to scale the Foodhall model nationwide and further develop its robotic delivery network as part of its strategy to drive growth and operational efficiency.
Huuva generates revenue by owning and operating its Foodhalls, capturing sales both through its proprietary digital channel and through third-party delivery platforms. Revenue streams are diversified between:
Huuva operates its Foodhalls independently, while licensing brands and recipes from nationally recognized food concepts. This approach enables the company to offer customers relevant and trend-driven dining options without incurring the heavy costs of recipe development and brand building in a market characterized by rapidly shifting consumer preferences.
The Foodhall concept is designed for scalability by combining location flexibility, rapid ramp-up, and the ability to maintain novelty. A digital-first operating model and small physical footprint allow locations to be established beyond traditional prime sites, including suburban and secondary city areas. Established third-party brands and proprietary operating software support faster store openings and repeatable operations. Brand rotation, supported by customer data and insights, helps Foodhalls remain aligned with consumer trends and sustain long-term relevance.
Unlike conventional restaurant operators that depend on prime, high-traffic locations and heavy brand investment, Huuva’s technology-enabled and brand-flexible model is designed to provide greater adaptability, capital efficiency, and resilience to consumer taste shifts.
The European food and beverage market is undergoing a shift as consumers increasingly order meals for delivery or pick-up. According to Statista (2025), the food delivery market is expected to grow at a compound annual growth rate of 6.89% between 2025 and 2030. Demand for restaurant-quality meals is rising outside of major cities; however, many suburban and mid-sized regions remain underserved, with limited options beyond fast food chains or small local operators. This dynamic presents an opportunity for scalable solutions.
Competitors include fast-food chains and virtual restaurants. Fast-food chains are present in many areas but lack the variety that consumers are increasingly demanding. A virtual restaurant is a type of food service business where virtual brands are licensed to traditional restaurants, with the meals prepared alongside the existing menu and sold exclusively through delivery platforms. This model offers lower startup and operational costs, since it leverages existing kitchens, staff, and infrastructure. However, it often faces challenges such as weak brand identity and customer dissatisfaction, as quality can suffer when scaling across multiple license holders with varying standards.
Huuva positions itself between these models. It operates its own kitchens, works with nationally recognised food brands, and exploits proprietary technology (HuuvaOS) to manage operations. This combination allows Huuva to expand efficiently, achieve fast payback at a site level, and build a defensible market position in a €5+ billion addressable market.
CEO, Co-Founder, Board Member
Ville Leppälä is the CEO and Co-Founder of Huuva. Prior to founding the company, he held leadership and technical roles at Varjo Technologies, where he began as a Mechatronics Engineer and later scaled a newly established business vertical to represent approximately one-third of the company's sales. During his studies, he served as CEO of Junction, which he helped develop into the world’s largest hackathon event. He holds a Master of Science degree in Engineering from Aalto University.
Director of Operations
Markus Kauppinen has over 20 years of experience in professional kitchens, ranging from various chef positions at two- and three-star Michelin restaurants to the launch of twelve fast casual restaurants during his career. He currently serves as Director of Operations at Huuva.
Head of Marketing
Mathias Soini is Head of Marketing at Huuva, responsible for driving growth, brand development, and customer acquisition. He has a strong background in scaling B2C growth companies, including launching and expanding VOI in Finland - a well-known European mobility unicorn. Today, he brings that scaling expertise into food-tech, building Huuva’s journey toward becoming Europe’s leading restaurant platform. Mathias holds a B.Sc. in Marketing Management from Jönköping International Business School.
Huuva Oy is directly owned by its shareholders and does not have a group structure.
Shareholder |
Equity instruments |
Votes |
|
|---|---|---|---|
| 1 | Ville Leppälä (Co-Founder) | 5,000,000 | 33.41% |
| 2 | Lifeline Ventures Fund IV Ky | 4,158,088 | 27.78% |
| 3 | General Catalyst Group XI – Ignition, L.P. | 1,686,306 | 11.27% |
| 4 | Unnallocated ESOP pool* | 1,063,559 | 7.11% |
| 5 | Ville Lehto (Co-Founder, not active) | 750,000 | 5.01% |
| 6 | Stock options holders | 505,959 | 3.38% |
| 7 | Illusian Oy | 449,681 | 3.00% |
| 8 | Laurel Bowden | 187,231 | 1.25% |
| 9 | Illusian Ventures I Ky | 186,015 | 1.24% |
| 10 | Other shareholders (13) | 980,301 | 6.55% |
| TOTAL | 14,967,140 | 100% |
*An Unallocated ESOP pool is the portion of employee stock options that has been set aside for future employees or incentives but has not yet been granted to anyone.
Backed by world-class investors
Huuva is backed by the same capital that has driven the global growth of companies such as Snapchat, Oura, and Airbnb.
Behind Huuva’s investors are entrepreneurs who have helped build successful companies such as Zalando, Supercell, and Wolt.
Lifeline Ventures: One of Finland’s top venture capital firms, known for backing global success stories such as Wolt, Supercell, Aiven, Swappie, Oura, and Varjo.
General Catalyst: A U.S.-based global VC with $36 billion AUM. Portfolio includes Airbnb, Canva, Discord, Hub.
Illusian Oy: The Founder Office of entrepreneurs who have founded and scaled companies like Supercell, Zalando, and Wolt.
Laurel Bowden: Founder of VC firm 83NORTH with $2.2 billion AUM, early investor in Wolt.
Illusian Ventures I Ky: An investment fund managed by Illusian Oy.
Huuva achieved month-level EBITDA profitability in August 2025, which provides a platform for future growth. The company intends to allocate the majority of raised funds toward the opening of new Foodhalls and the further development of its direct ordering channel.
Over the medium term, Huuva aims to reach revenues in the range of €25 million to €30 million and to assess the scalability of its concept in an additional market. The business model has been validated in Finland through multiple successful openings in large-city suburbs and mid-sized cities. Accordingly, the Company expects that most new locations will be established in Finland. Management also believes that demonstrating the model in a second country represents a strategically important milestone on the path toward broader European expansion.
(€500,055.60 collected in the financing round)
(up to €2,000,222.40 collected in the financing round)
(up to €3,500,105.40 collected in the financing round)
The main focus of Huuva’s expansion will be in Finland, specifically in cities outside the Helsinki metropolitan area with more than 60,000 inhabitants. In 2025, Huuva has opened new Foodhall locations in Turku, Pirkkala, and Lahti. In the coming years, the company aims to replicate its proven launch strategy and continue expanding into similar cities across Finland. Every new store adds revenue with approximately €0.8-1.2 million per year.
Huuva’s new city launches have attracted a great deal of positive attention. Local media have actively reported on the openings, and close partnerships with food delivery platforms have enabled effective marketing campaigns, allowing sales to reach target levels within just a few weeks. The company expects this marketing strategy to be equally effective in supporting future launches.
Huuva is evaluating expansion into Estonia or Denmark as part of its strategy to test the scalability of its concept outside of Finland. Both markets share several characteristics with Finland, including high delivery penetration, established delivery partners, and a strong base of quality restaurants. Average order values in Denmark are 26% higher than in Finland, representing a favorable market dynamic. Expansion into Estonia has been assessed as the most operationally efficient option, as the company expects to leverage its Finnish operations team to support the launch. Denmark, on the other hand, represents a larger market opportunity: it is the most affluent and fastest-growing food delivery market in the Nordics, with an annual growth rate of 18%.
The Company has engaged in preliminary discussions with delivery partners regarding a potential expansion into Estonia and Denmark. Huuva established high quality new selection to underserved geographies which makes the company a compelling partner for delivery partners. Among Huuva’s existing partners, Wolt operates with a significant market share in both markets, which enables the company to replicate its proven partnership model in the new market as well. Through its close partnership with Wolt, Huuva has the opportunity to identify the most promising areas and reach a substantial customer base immediately upon launch.
While significant market opportunities have been identified in Finland, where Huuva intends to continue pursuing growth to increase revenue and contribution margin, the primary purpose of the market expansion would be to demonstrate the ability to operate successfully in an additional market. Establishing such a proof point may enhance the Company’s attractiveness to international investors. Out of both options, expansion into Denmark could provide a foundation for broader growth across Europe in the long term.
Huuva’s current non-diluted valuation is based on a multiple of 4.3 times the monthly revenue run rate, using an annualized revenue of €9 million as the reference point. This results in a valuation of €38.6 million. The valuation is considered competitive in light of the company’s proven traction, rapid payback periods, and strong growth projections. Expansion is built on a replicable and already validated concept, with clear plans to scale Foodhalls and delivery innovations across new markets. This positions Huuva to deliver sustainable growth while maintaining an attractive entry level for new investors.
Huuva's next growth target is to reach €25-30 million in annual revenue and to expand the business into another market. Once the two above have been secured, Huuva has identified that the next logical step could be to raise funding to speed up expansion throughout Europe. This is intended to position Huuva in a way that could attract international growth equity investors and make it possible to accelerate growth further.
Huuva aims to utilise grants and debt funding to support the growth as extensively as possible, together with growth equity funding.
Huuva has raised a total of €10,594,370 in funding to date. Out of this funding €550,000 is grants and €1,583,455 is debt with preferencial terms. The equity instrument raises have been led by LifeLine Ventures and General Catalyst.
Investor |
Type of funding |
Year |
Amount |
|
|---|---|---|---|---|
| 1 | LifeLine Ventures, Illusian, & others | Pre-seed SAFE | 2021 | €1,050,000 |
| 2 | LifeLine Ventures, General Catalyst, Illusian, & others | Seed | 2022 | €4,877,915 |
| 3 | Business Finland TEMPO | Grant | 2022 | €50,000 |
| 4 | Business Finland R&D loan | Loan | 2022 | €650,455 |
| 5 | LifeLine Ventures, General Catalyst, & Illusian | Convertible Note | 2023 | €1,600,000 |
| 6 | Business Finland NIY I | Grant | 2023 | €250,000 |
| 7 | LifeLine Ventures, Illusian, & others | Seed | 2024 | €933,000 |
| 8 | Business Finland NIY II | Grant | 2024 | €250,000 |
| 9 | Finnvera | Loan | 2024 | €933,000 |
IPO: The company has identified an initial public offering (“IPO”) as its preferred long-term exit route. As an intermediate objective, Huuva is targeting revenues of approximately €25-30 million and the validation of its business model in an additional market. Achieving these milestones is expected to enhance the company’s ability to attract international growth-oriented investors. The participation of such investors could also provide a potential liquidity event for minority shareholders.
Acquisition/merger: Another viable exit route could be acquisition by- or merger with a competitor who is active in another market or acquisition by a private equity company merging such companies.
Strategic acquisition: Additional exit routes include strategic acquisition by e.g. food delivery companies such as Uber Eats or Delivery Hero.
In this update section you will find new, project-relevant information that we receive.
Invesdor does not conduct a separate review of information received after the start of the financing phase.
Below are also questions and answers presented in the discussion.
Our current assumption is that an area should have at least around 50,000 inhabitants to reach the required volume. Finland has about 20 cities with a population of at least 50,000. When scaling our current model to the Finnish market, we see a potential of approximately €66 million for Huuva. For comparison, McDonald’s total annual sales in Finland are around €330 million, and Hesburger’s around €260 million.
In this funding round, investors subscribe to Huuva shares. Our goal is to grow the business rapidly and, through that growth, create various exit opportunities for investors — for example, an IPO, a strategic acquisition, or secondary sales in connection with a larger funding round.
Timo answers in the video at 9:07.
Huuva recognizes the full value of meal sales as its revenue. The chefs are employed by Huuva, meaning operations are under our responsibility. Restaurants receive a license fee for the use of their recipes and brands.
In suburban and smaller city areas, we mainly compete with large fast-food chains or virtual brands. Compared to fast-food chains, our key differentiators are superior variety and quality.
A virtual brand is a fully digital restaurant brand licensed to existing restaurants with excess kitchen capacity. These dishes are prepared in existing restaurant kitchens and sold only through delivery platforms. In Europe, examples include Tasty Urban and Lanch.
The challenge with such models is that restaurants with excess capacity often underperform, quality varies, and customer retention tends to be weak. Fully virtual brands also lack a strong customer connection. Huuva, on the other hand, operates known brands, ensures superior variety, and maintains consistently high quality.
This is an excellent opportunity to invest in a fast-growing company. Our goal is to become Europe’s leading food company. We have a strong team, a proven growth track record, and a product consumers love. Yes, we’ve already been in contact with property agents in Pori.
Timo discusses this in the video at 19:08.
Huuva operates in areas where traditional restaurant concepts don’t work — made possible by our unique technology and operations model.
Drones and robotic delivery will impact Huuva’s business in three major ways:
Additionally, Huuva is the first restaurant in Finland to offer drone deliveries and has already successfully piloted robotic deliveries.
We see the partnership with Wolt as mutually beneficial. Our own sales channels currently cover takeaway and dine-in, while deliveries run through Wolt and Foodora. As our brand awareness grows, Wolt’s volume also increases.
Huuva has brought significant new restaurant supply to areas outside city centers, increasing Wolt’s turnover. We are currently one of Finland’s largest home-delivered food sellers, with an average order value 20% higher than that of typical restaurants - making us an attractive partner for delivery companies.
The new Foodhall unites five top restaurant brands and continues Huuva’s rapid, profitable expansion.
Like most growth companies, we’re investing heavily in expansion and technology development — the Foodhalls themselves are profitable. We reached EBITDA-profitability in August 2025, and every new kitchen improves company profitability. The losses today are about how fast we choose to grow, not whether the business model is sound.
The first wave of dark kitchens failed for clear reasons: quality was inconsistent, dishes weren’t recognised by customers, and operators burned money too fast on expansion and discounts. Huuva’s model is different. We don’t invent our own recipes - we partner with nationally recognised food brands that customers already know and love. We combine delivery with dine-in, and we run everything with a strong focus on operations and quality, powered by our proprietary HuuvaOS technology.
We are investing into growth but are expecting EBITDA to turn positive for the whole financial year in 2026.
We’re not replacing delivery platforms or competing head-to-head with restaurants - we partner with both. Platforms need a strong supply, and restaurants need effective expansion. Huuva provides exactly that: multi-brand kitchens that deliver higher volumes
These are risks but we've tried to mitigate these through:
Our culinary leadership includes Henri Kotkavuori (Chef of the Year in Finland 2011, Savoy), Markus Kauppinen (2- and 3-star Michelin experience, scaled fast casual brands), and Pasi Hassinen (Chez Dominique, founder of Bun2Bun and Street Gastro). On top of that, every staff member goes through Huuva’s own training platform, combining practical training, online brand exercises, and mentoring from senior chefs. The real backbone is HuuvaOS: it standardizes recipes, timing, and workflows in the kitchen, so staff can execute consistently and maintain quality across every location.
Our model brings partners new revenue without the need for more restaurants, staff, or financial risk — making expansion effortless for them. That’s why many brands approach us directly: we boost their visibility and sales, which is ultimately more valuable than negotiating for higher fees.
Index funds are safer, but they won’t deliver outsized returns. Huuva is riskier, without a doubt, but the upside is much bigger. For many investors, this isn’t an “instead of” choice but a way to diversify: you keep your safe bets in index funds and add high-growth potential with Huuva.
Lifeline Ventures is already investing in this round, bringing experience from scaling companies like Wolt, Oura, and Supercell. Opening the round to retail investors isn’t about filling a funding gap, it’s about building a community of owners. Our customers already eat with us, and now they can invest alongside VCs. We believe retail investors will also become our most enthusiastic promoters, strengthening Huuva through word of mouth and loyalty.
Our addressable market in Europe is over €5 billion, and it’s growing as consumers shift from city-centre dining to neighbourhood kitchens. Each new Huuva site is designed to be profitable within months, and our model scales city by city. In Finland alone, we see potential for dozens of kitchens. Across Europe, the opportunity is to build a network of hundreds. That’s why VCs like Lifeline Ventures are backing us, because Huuva isn’t just a restaurant company, it’s a platform with international scale.
Testimonials from Timo Ahopelto (Lifeline Ventures) and Ilkka Paananen (Supercell) highlight Huuva’s strong team, execution focus, and scalable business model.
Timo Ahopelto, Founding Partner, Lifeline Ventures:
"I have closely followed how major consumer companies are built. I believe Huuva is the next big phenomenon in the food world. Huuva’s team is extremely execution-focused, which is perhaps the most important thing when growing startups."
Ilkka Paananen, Co-founder & CEO, Supercell:
"What impresses me most about Huuva is the team’s resilience. They’ve built a product in a challenging industry that consumers truly love and proven that restaurants can scale on their platform with the agility of any software business."
Huuva’s model enables rapid and cost-efficient scaling compared to conventional restaurants. New sites can be launched for €60k, reach profitability within two months, and achieve payback in under a year. Each Foodhall operates multiple brands with lean teams of 6–7 employees, can be established in any delivery demand area, and adapts quickly to consumer trends through data-driven brand rotation. Conventional restaurants, by contrast, require significantly higher investments, longer payback periods, larger staff, and are bound to prime locations with limited flexibility.
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