Fast trading company Getir raises another $768 million in funding round
Getir raised $768 million (€699.2 million) in a Series E funding round, meaning the Turkish fast-trading company has now reached a valuation of nearly $12 billion.
The funding round was led by Mubadala Investment Company, with participation from Alpha Wave Global, Sequoia Capital and Tiger Global.
“We are defining the ultra-fast delivery industry and this latest round of funding is a testament to Getir’s position as an industry pioneer,” commented Getir Founder Nazim Salur.
“In such an exciting and competitive market, we cannot afford to stand still. This investment will allow us to further develop our proposition and technology, as well as invest in our people to continue attracting top talent.”
Getir has expanded its operations across Europe in recent years, covering cities in markets including Germany, France, Italy, Spain, the Netherlands, Portugal and the UK, as well as his native Turkey. It also has a growing presence in the United States.
Overall, the company now has almost 40 million app downloads.
Dark Store Network
Like many of its peers, such as Gorillas, Flink, Cajoo and others, Getir operates a network of “dark store” micro-fulfillment centers, while ensuring product delivery within 10 minutes to a half – hour from the time the order is placed.
“Grocery represents one of the biggest offline-to-online opportunities in the world, thanks to rapidly changing consumer habits that have accelerated the adoption of online shopping,” said Ibrahim Ajami, Head of businesses and growth at Mubadala.
“We believe Getir will continue to prove itself as an industry leader as it expands into new categories and geographies. We remain impressed with management’s ability to enter new markets while delivering an exceptional customer experience. We are proud to continue our partnership with Getir as it enters the next phase of its growth.”
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