Business

Getir officially announces $768 million Series E round, now at decacorn $11.8 billion valuation

Confirming earlier rumours, Getir has reined in $768 million at a decacorn valuation of $11.8 billion.

Turkish on-demand delivery kingpin Getir has confirmed reports on its $768 million Series E round at an $11.8 billion valuation. In so much, the investment sees Getir become Europe’s first grocery delivery decacorn. The funding will be used to further lead Getir’s charge as it aims to conquer and dominate its active markets.

Late last Friday evening, Bloomberg reported that the company was close to signing a financing deal of around that size, with lead investor Mubadala Investment Company offering a $250 million ticket. Today, the company confirmed the total amount raised, along with the nearly $12 billion valuation.

In the ultra-competitive delivered-to-your-door-before-you-can-press-send grocery space, it would appear that the instantaneous Istanbulites are claiming the crown. Across Europe and the U.S., the company now boasts a network of over 1,100 g-stores and close to 40 million app downloads across 9 countries, delivering almost one million orders daily.

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

Alongside Mubadala, Abu Dhabi Growth Fund (ADG), Alpha Wave Global, Sequoia Capital, and Tiger Global all participated in the round.

“Groceries represent one of the largest offline to online opportunities globally, led by fast-changing consumer habits which have accelerated online purchasing adoption. 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,” concluded Ibrahim Ajami, Head of Ventures and Growth at Mubadala.

Source
tech.eu

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