Economy

Turkish startup Getir becomes Europe's 1st grocery delivery decacorn

Company's overall valuation rises to $11.8B billion after latest funding round

Aysu Bicer   | 17.03.2022
Turkish startup Getir becomes Europe's 1st grocery delivery decacorn

ANKARA

Turkish startup Getir’s overall valuation has topped $10 billion, making it Europe’s first grocery delivery decacorn, the company announced on Thursday.

The company raised $768 million in its Series E funding round, increasing its overall valuation to $11.8 billion, according to a statement.

Led by Mubadala Investment Company, the round included Abu Dhabi Growth Fund (ADG), Alpha Wave Global, Sequoia Capital and Tiger Global as major investors, the statement read.

With this latest investment, the Istanbul-based company has raised $2 billion to date.

“We are defining the ultrafast delivery sector and this latest round of funding is a testament to Getir’s position as an industry pioneer,” said Nazim Salur, the company’s founder.

“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.”

Ibrahim Ajami, head of ventures and growth at Mubadala, said Getir will continue to prove to be an industry leader as it expands into new categories and geographies.

“We remain impressed by the management’s ability to enter new markets whilst providing an exceptional customer experience,” he said.

Founded in Turkiye in 2015, Getir has since expanded its operations to the UK, Germany, France, Italy, Spain, Netherlands, Portugal and, most recently, the US.

In all, it operates in 81 cities in Turkiye and 48 cities across Europe and the US.

It has a total network of over 1,100 stores and close to 40 million app downloads across nine countries, delivering almost 1 million orders daily.

According to data published by global database CB Insights, Getir is now ranked 36th among 1,052 unicorn companies in the world.

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