Berlin-based grocery delivery startup Gorillas has reportedly raised a $950M (approx €810M) funding in a Series C round, valuing the company at $3B.
German delivery company Delivery Hero led the round with an investment of $200M (approx €170M). Other investors such as Tencent, US VC firm Coatue Management, DST, and A-Star Partners, also participated.
The investment by Delivery Hero comes three weeks after it raised €1.25B ($1.5B) through a sale of convertible bonds
As per a report in The Information , Gorillas will deploy the funds to expand its operation in major European markets, including Germany, UK, Spain, and France.
The valuation of Gorillas has also changed widely this year.
The company’s last funding round had it valued at $1B (approx €853M). In May, Gorillas was seeking funding at a valuation of more than $6B (approx €5.1B).
In fact, DoorDash was negotiating an investment that would have valued Gorillas at $2.5B (approx €2.1B). However, the talks failed due to disagreements over expansion plans, per Bloomberg.
Gorillas: Fastest unicorn in Europe
Founded by Kağan Sümer in 2020, Gorillas is a grocery delivery provider that claims to deliver desired goods from cart to doorstep in just 10 minutes.
Earlier this year, Gorillas raised $290M (€244M) funding, making it the fastest unicorn in Europe to surpass $1B valuation.
Within the last year, Gorillas has developed a strong international footprint, operating in nine countries, 55 cities, and employing more than 11,000 people. The company provides all riders with fixed employment contracts, health insurance, employer-finance accident insurance and paid vacation. They also gain from a strong career development program.
Currently, the app is available in Germany, the Netherlands, and the UK.
A couple of weeks back, Gorillas expanded its executive leadership team with two new prominent hires – Elmar Broscheit as Chief Financial Officer (CFO) and Adrian Frenzel as Chief Operating Officer (COO), after having appointed HR executive Deena Fox as Global Chief People Officer in early August.
With this move, Gorillas plans to execute a new growth strategy, focusing on building a sustainable and profitable business.
Delivery Hero: What you need to know
Founded in Berlin in 2011, Delivery Hero has a worldwide network of online food ordering sites operating in 40 countries across Asia, Europe, Latin America, the Middle East, and North Africa.
The company has also set its foot in the e-commerce sector to bring groceries and household goods to customers’ doorsteps in under seven minutes.
Delivery Hero has been listed on the Frankfurt stock exchange since 2017 and became part of the leading index DAX (Deutscher Aktienindex) in 2020.
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