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Technology

Germany's Flink Raises $750m In Financing Round

Grocery delivery start-up Flink has raised $750 million (€665.4 million) in an additional funding round, it said on Friday, giving the German company the funds to further expand and cash in on the home food delivery boom.

Flink is one of several food delivery start-ups, including Gorillas, Getir, and Weezy, that have grown rapidly during the COVID-19 pandemic by delivering groceries within minutes of an order being placed via smartphone app.

Its Series B funding round was led by US tech firm Doordash in September, and also included investors such as Mubadala Capital, part of Abu Dhabi's sovereign wealth fund.

Expansion Plans

The money would be used to expand its operations. The privately-held company currently has more than 140 delivery hubs in over 60 cities, reaching up to 10 million customers, with Germany and the Netherlands its largest markets.

"We are just getting started as we receive daily questions from people who ask, when they can reach our services," said founder Oliver Merkel.

In June, the grocery delivery startup raised $240 million from investors, just six months after the company was founded, and struck a strategic partnership with the REWE Group supermarket chain.

At that time, CEO of REWE Group, Lionel Souque, commented, "Flink is a pioneer in this segment with a strong founding and management team, outstanding expertise and promising prospects."

Read More: Online Sales To Account For 40% Of Global Retail By 2026, Report Finds

News by Reuters, edited by ESM. For more Technology news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

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