A Silicon Valley investor is leading a $40 million financing for the ultra-fast delivery company Getir which is a Turkish start-up.
The company offering ultra-fast delivery has secured nearly $40 million in funding from a group of investors led by Silicon Valley venture capitalist Michael Moritz to boost Turkey’s emerging high-tech market.
Getir, an Istanbul-based company founded in 2015, allows users to order products ranging from ice cream to iPhone chargers, cat food to preservatives at no extra charge, with a small margin on supermarket prices. It promises an average delivery time of 10 minutes.
Last year, Getir, the Turkish start-up caught the attention of Sir Michael, a technology investor who is a partner in Sequoia Capital, the leading private equity firm. He previously made investments through Sequoia to a chain of processed cheese sandwiches and an Indian “cloud kitchen”.
After traveling to Istanbul to spend time at Getir’s Istanbul headquarters, Sir Michael offered to inject $25 million into the company via his personal investment company Crankstart, which is also the sponsor of the prestigious Booker Prize for English-language fiction.
An additional $13 million was provided by undisclosed investors in Brazil and Turkey, bringing the total amount raised under Series A to $38 million.
Getir, whose name stands for “bring” in Turkish, works through a network of franchises that are responsible for managing delivery, while the parent company manages product selection and pricing and the shipment of items to warehouses for distribution.
The company has grown rapidly, successfully doubling its order volumes in the second half of 2019, with nearly 1.5 million deliveries last month. After initially focusing on Istanbul, where it is also experimenting with takeaway deliveries, it has recently started operating in the Turkish cities of Ankara, Izmir, Bursa, and Kocaeli.
The target capitalization is expected to exceed $500 million, placing the Turkish start-up company among the most successful start-ups in Turkey.
Source: https://www.ft.com/
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