Instant delivery startup Getir has announced that it has closed a new $768 million Series E founding round. Following this deal, the company has reached a valuation of $11.8 billion.
Mubadala Investment Company is leading the founding round with Abu Dhabi Growth Fund (ADG), Alpha Wave Global, Sequoia Capital and Tiger Global also participating.
Originally from Turkey, Getir has quickly expanded its service across Europe and the U.S. Unlike traditional grocery delivery services, Getir lets your order groceries without having to pick a delivery slot. As soon as you send your order, Getir starts working on it.
Behind the scenes, Getir has built dense networks of micro-fulfillment centers in dozens of urban areas. Those dark stores are operated by Getir and the company also controls and owns the inventory of products.
After that, a delivery person on a bike of moped scooter delivers your order as quickly as possible. It means that you can expect to receive your order in “minutes”, as the company’s website says. More realistically, you should get it 20 to 40 minutes later.
The company has managed to attract 40 million app downloads across nine countries. Overall, Getir manages 1,100 dark stores. That’s why these instant delivery startups have been raising mega rounds of funding. It’s a capital-intensive industry.
Getir is quite dominant in Turkey as it currently operates in 81 different cities. The company covers 48 different cities for all other markets — the U.K., Germany, France, Italy, Spain, Netherlands, Portugal and the U.S.
“We are defining the ultrafast delivery sector and this latest round of funding is a testament to Getir’s position as industry pioneer. 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 founder Nazim Salur said in a statement.
The company competes with Gopuff, Flink, Gorillas, Zapp, Cajoo and more. In other words, it’s an incredibly crowded market and there will be more consolidation moves down the road.