Kolonial is expanding out of its native Norway, hoping to capture Scandinavian and European market share, with plans to set up shop in Finland and Germany in the next year. The online grocery company operated on Kolonial.no until last week when Kolonial officially transitioned to Oda, using its newly acquired Oda.com domain name.
Based out of Oslo, Kolonial operated on Kolonial.no since its inception in 2013, but expansion meant a name change. In a recent interview, Kolonial’s founder candidly revealed that “Kolonial does not work abroad.”
Oda, meaning “poetry” or “poem” in Spanish or Italian, was the name of choice for the company. Naturally, Oda acquired Oda.com prior to announcing the rebrand. The domain wasn’t cheap, reportedly costing a “double-digit million amount,” likely referring to the Norwegian Krone.
10 million Norwegian Krone currently equates to around $1.2 million while 99.99 million Norwegian Krone equates to around $12 million. We can say, then, that Oda acquired Oda.com for a seven- or eight-figure fee. The rebrand announcement and the acquisition of Oda.com coincided with a €223 million funding round that values Oda at around $900 million.
Kolonial completed the switch from Kolonial.no to Oda.com last week, with Oda.com now fully up and running.