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Retail

Quick Commerce Firm Getir Raises Additional $768m In Funding Round

Getir has raised $768 million (€699.2 million) in a Series E funding round, meaning the Turkish quick commerce firm has now reached a valuation of close to $12 billion.

The funding round was led by Mubadala Investment Company, with Alpha Wave Global, Sequoia Capital and Tiger Global also taking part.

'Defining The Sector'

“We are defining the ultrafast delivery sector and this latest round of funding is a testament to Getir’s position as industry pioneer," commented Getir founder Nazim Salur.

"In such an exciting and competitive market we cannot afford to stand still. This investment will enable us to further develop our proposition and technology, as well as invest in our employees to continue to attract the best talent."

Getir has expanded its operations across Europe in recent years, covering cities in markets such as Germany, France, Italy, Spain, Netherlands, Portugal and the UK, as well as its native Turkey. It also has a growing presence in the US.

Overall, the company now boasts close to 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-fulfilment centres, while also ensuring delivery of products in anything from 10 minutes to half an hour from the time the order is placed.

"Groceries represent one of the largest offline to online opportunities globally, led by fast-changing consumer habits which have accelerated online purchasing adoption," said Ibrahim Ajami, head of ventures and growth at Mubadala.

"We believe Getir will continue to prove to be an industry leader as it expands into new categories and geographies. We remain impressed by management's ability to enter new markets whilst providing an exceptional customer experience. We are proud to continue our partnership with Getir as it embarks on the next phase of its growth."

© 2022 European Supermarket Magazine – your source for the latest technology news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.

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