Matilda FoodTech acquires Tendmill, a rapidly growing AI-driven food procurement solutions provider, to enhance its international expansion efforts and strengthen its market position in Europe.

Information on the Target

Tendmill, a portfolio company of Hidden Dreams, has been acquired by Matilda FoodTech, a key component of the Monterro portfolio. Since its inception in the winter of 2020, founded by KTH alumnus Carl Hultberg and Hidden Dreams, the company has addressed the costly and systemic issues in the food industry related to inefficient procurement processes. These challenges have significantly burdened resources across the sector and restricted the ability of small and medium-sized food producers to participate in public tenders, ultimately hindering the goal of increasing locally sourced food in schools and care facilities across Sweden.

Utilizing a proprietary AI-driven search and matching algorithm, Tendmill has transformed the procurement experience, reducing the average process duration from eight weeks to just three days. The company has seen impressive growth, with an annual revenue growth rate (ARR) averaging 116 percent, consistently exceeding 100 percent annually. With the strategic backing of Hidden Dreams, Tendmill has developed from a small startup into the most rapidly growing force in procurement support within the food industry.

Industry Overview in Sweden

The Swedish food industry is marked by a growing demand for innovative solutions that streamline procurement and enhance sustainability. As the industry transitions towards more locally sourced food options, the n