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Turkish delivery startup Getir raises $300 million

Turkish delivery startup Getir raises $300 million

The Turkish rapid delivery startup Getir said on Friday that it had raised $300 million (TL 2.4 billion) for an international expansion in a funding round valuing the company at about $2.6 billion.

The company has thus become Turkey’s second unicorn – a term for startups that pass the $1 billion mark.

Istanbul-based gaming company Peak became the country’s first unicorn after it was acquired by United States-based global gaming giant Zynga in June last year in a deal worth $1.8 billion.

In a news conference, Getir CEO Nazım Salur said the funds would be used to expand into other countries and the company would start operations in Germany, France and the Netherlands in a couple of months.

Sequoia Capital and Tiger led the latest investment round, Salur said, adding the company could hold another round toward the end of the year.

He said seven of eight funds that previously invested in Getir also joined the capital increase at the new valuation.

The latest round follows the $128 million the startup raised from investors in January this year and which had valued the company at about $850 million.

The investment pushed the company to take a leap toward its global journey as it launched its rapid delivery service for grocery and corner shop items in London in the same month.

It has since been preparing to start operating in other major European cities such as Paris, Amsterdam and Berlin.

It raised $38 million from investors in its first funding round that was completed at the beginning of 2020.

Founded in 2015, Istanbul-based Getir has a big audience in Turkey as it delivers more than 1,500 varieties of groceries to millions of people.

It says that through its app it can deliver thousands of grocery items “within minutes,” including eggs, ice cream, nappies and cat food.

It also established a takeaway food branch in Turkey under the name “Getir Yemek,” which allows customers to order from restaurants and cafes in their neighborhoods through its couriers.

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