Turkish fast grocery delivery startup Getir raised 768 millions dollars (11.35 billion TL) in son latest financing roundthe company announced on Thusday.
Series E financing round increased the company’s valuation to $11.8 billion, making it number one in Europe first grocery delivery decacorn – one term for startups that pass the $10 billion mark.
Getir has now become the second-more valuable startup from Turkey, after Trendyol, the Alibaba-backed e-commerce platform, which hit $16.5 billion last year.
Led by Mubadala Investment Company, the latest round included the Abu Dhabi Growth Fund (ADG), Alpha Wave Global, Sequoia Capital and Tiger Global as lead investors, the company’s statement said.
The Istanbul-based company has raised $2 billion to date after landing around $1.1 billion in total through several rounds last yearwhile its valuation fell from 850 millions dollars to more over $7.5 billion.
He grew to become one of most valuable fast delivery startups in the world. Its American rival GoPuff is valued at around $15 billion.
“In such an exciting and competitive environment market we cannot afford to stand still,” said Nazim Salur, son founder of CEO.
“The latest the investment will be used to continue support Rapid of Getir growth within the countries in that it operates while consolidating its leading position in the category he created,” the company said.
“We define the ultra-fast delivery industry and that latest round of the funding is a testament to Getir’s position as an industry pioneer,” Salur said.
“This investment will us to further develop our proposition and technology as well as to invest in our employees to continue to attract the best Talent.”
Based in 2015, Getir invents the category of Deliveries in 10 minutes for customers who order via son smart phone app, with riders stir out neighborhood warehouses that stock essential groceries.
The company offers a selection of 1,500 daily items to its customers and now operates in 81 cities in Turkey and 48 cities across Europe and the United States
With the interest of investors in infant industry reaching son heyday, the company ventured out of Turkey in January to launch son quick “last “mile” goods delivery service in Brittany.
It has spread to eight European countries countries because last year. He launched in the Netherlands in May, Germany and France in June, Spain and Italy in September and Portugal in October.
Then having set foot in the United States by entering market via Chicago in November, Getir also started taking orders in Boston and New York in December.
It now reaches a total network of over 1,100 stores delivering nearly one million orders a day, while its mobile the application has almost 40 millions nine downloads countries.
“The grocery store represents one of most grand offline at online global opportunities, led by fast-the evolution of consumer habits, which has accelerated online buy adoption,” said Ibrahim Ajami, head of companies and growth in Mubadala.
“We believe that Getir will continue to prove to be an industry leader as it grows in new categories and geographies. We remain impressed by the direction ability enter new markets while offering an exceptional clientele experienceAjami noted.
“We are proud to continue our partnership with Getir when son baording on the next phase of son growth.”
