The Turkish rapid grocery delivery startup Getir has raised $768 million (TL 11.35 billion) in its latest funding round, the company announced on Thursday.
The Series E funding round boosted the company’s valuation to $11.8 billion, making it Europe’s first grocery delivery decacorn – a term for startups that pass the $10 billion mark.
Getir has now become the second-most valuable startup from Turkey, after Alibaba-backed e-commerce platform Trendyol, which hit $16.5 billion last year.
Led by Mubadala Investment Company, the latest round included the Abu Dhabi Growth Fund (ADG), Alpha Wave Global, Sequoia Capital and Tiger Global as major investors, the company’s statement read.
The Istanbul-based company has raised $2 billion to date after it landed around $1.1 billion in total through several rounds last year, as its valuation ballooned from $850 million to more than $7.5 billion.
It has grown to become one of the most valuable rapid delivery startups in the world. Its U.S. rival GoPuff is valued at around $15 billion.
"In such an exciting and competitive market we cannot afford to stand still," said Nazim Salur, its founder of CEO.
"The latest investment will be utilized to further support Getir’s rapid growth within the countries in which it operates while solidifying its position as a leader in the category it created," the company said.
"We are defining the ultrafast delivery sector and this latest round of funding is a testament to Getir’s position as an industry pioneer," Salur said.
"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."
Founded in 2015, Getir invented the category of 10-minute deliveries for customers who order through its smartphone app, with riders fanning out from neighborhood warehouses that stock essential groceries.
The company offers a selection of 1,500 everyday items to its customers and now operates in 81 cities in Turkey and 48 cities across Europe and the U.S.
With investor interest in the nascent industry peaking, the company ventured out of Turkey in January to launch its rapid "last mile" goods delivery service in Britain.
It has expanded to eight European countries since last year. It launched in the Netherlands in May, Germany and France in June, Spain and Italy in September and Portugal in October.
Then having set foot in the U.S. by entering the market via Chicago in November, Getir also started taking orders in Boston and New York in December.
It is now reaching a total network of over 1,100 stores, delivering almost 1 million orders daily, while its mobile app has neared 40 million downloads across nine countries.
"Groceries represent one of the largest offline to online opportunities globally, led by fast-changing consumer habits, which have accelerated online purchasing adoption," said Ibrahim Ajami, head of ventures and growth at Mubadala.
"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," Ajami noted.
"We are proud to continue our partnership with Getir as it embarks on the next phase of its growth."