Wolt

The matching algorithm that pairs hungry customers with nearby restaurants is already commoditised — any competent engineer can rebuild it in a weekend. But Wolt's moat isn't the algorithm; it's the three-sided marketplace density and the last-mile logistics network they spent a decade building across 30+ countries.

Autonomous delivery vehicles will eventually replace human couriers, but 'eventually' in European cities with narrow medieval streets and apartment buildings without parking means 2030+, not 2025. The bigger threat is AI optimising away the human customer support team that currently answers 'Where's my food?' complaints.

Physical logistics density in 500+ cities is a genuine infrastructure moat — replicating restaurant relationships, courier supply, and delivery zones takes years and capital, not code. The DoorDash acquisition was recognition that building this from scratch would cost more than just buying the European leader outright.

Their careers page lists 19 engineering openings but the blog has moved to a generic corporate site, suggesting they've shifted from innovation mode to integration mode post-acquisition. The 'Wolt Drive' expansion into B2B logistics shows they understand the platform play, but it's unclear if DoorDash will let them keep building or just harvest the European market share.

People will always need physical food delivered to physical addresses — AI can optimise routing and predict demand, but someone still has to carry the burger up three flights of stairs. The question isn't whether delivery survives, but whether European delivery needs a European company to do it.