Turkish on-demand delivery startup Getir has announced closing $768 million Series E funding round led by Mubadala Investment Company. Following this deal, the company has reached a valuation of $11.8 billion.
The funding round was led by Mubadala Investment Company with participation from Abu Dhabi Growth Fund (ADG), Alpha Wave Global, Sequoia Capital and Tiger Global.
“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,”
~ Ibrahim Ajami, Head of Ventures and Growth at Mubadala
Getir is a technology company that joins the worlds of mobile technology and logistics, providing unprecedented solutions to the delivery of goods in urban areas. It has built dense networks of micro-fulfilment centres in dozens of urban areas. Those dark stores are operated by Getir and the company also controls and owns the inventory of products.
The company has managed to attract 40 million app downloads across nine countries. Overall, Getir manages 1,100 dark stores. The startup is quite dominant in Turkey as it currently operates in 81 different cities. It also covers 48 different cities for all other markets including 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,”
~ Nazim Salur, founder of Getir