Getir Founder, Nazim Salur, at Getir HQ Istanbul
(Picture: Getir)Spurs sponsor Getir has secured another £581.7 million funding, taking the ultra-fast grocery delivery firm’s value to over £8 billion.
In US dollar terms, app-based Getir has now reached what it called “decacorn” status: a private, venture-backed company with a value exceeding $10bn.
Getir promises to deliver cupboard essentials in 10 minutes and in the UK operates in Birmingham, Manchester, Brighton, Cardiff, London, Liverpool and Bristol.
The company was founded in Turkey in 2015 and operates in the country’s 81 cities as well as 48 cities across Europe, the UK and the US.
Getir launched in the UK in January 202 and in August signed a three-year partnership to sponsor Spurs. In November, it bought rival ultra fast delivery app Weezy for an undisclosed sum.
Investors in the latest round include the Mubadala Investment Company, Abu Dhabi Growth Fund (ADG) and Alpha Wave Global, and brings the total raised by Getir from venture capital to $2bn.
Nazim Salur, founder of Getir, said the cash would be used for expansion.
He said: “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.”
10-minute delivery apps have become one of the hottest areas of investment in recent years, attracting hundreds of millions in investment. In London, Getir competes with the likes of German-headquartered Gorillas, UK-based Zapp and US-owned GoPuff, as well as the likes of Deliveroo.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said venture capital investors had seen the instant delivery start up industry as a potential breeding ground for the next Amazon.
She said: “Eye popping valuations in the world of instant delivery start-ups are far from unusual and even though it’s achieved a valuation of more than $11 billion, Getir is still outshined by its rival GoPuff, which acquired a price tag of $40 billion thanks to its latest funding round.”
Streeter warned competition would get tougher for Getir, not just from the other new names jostling for position but also from restaurant delivery giants muscling in on the market.
“Gross transactional value from Deliveroo’s instant grocery service is creeping up, with more investment being ploughed in to steal market share,” she said. “Tesco isn’t going to be easily elbowed out of this space, and its whoosh delivery service is being trialed in locations across the UK.
“The other risk is that the cost-of-living squeeze is intensifying and as savings are eaten away, there may be less appetite to pay for an easier life.”
