Delivery App Gorillas Plans Funding at $6 Billion Value
(Bloomberg) -- Gorillas Technologies GmbH, the German delivery app that promises grocery deliveries in ten minutes, is raising fresh funding at a valuation of more than $6 billion, weeks after closing its previous round, people familiar with the matter said.
The company is likely to target more than $500 million from investors, the people said, asking not to be identified because the plans aren’t public. The round is at an early stage and the final amount raised and valuation may still change, they said.
A representative for Gorillas said the company has “nothing to confirm” and called details about a new fundraising round “speculation.”
The latest craze in home-delivery aims to supplant small convenience stores by ferrying groceries and other items to the home within minutes from small neighborhood warehouses. Investors are piling in, betting Covid-19 lockdowns have permanently changed the way people shop.
Turkish retail delivery app Getir is in talks to raise at least $500 million at a valuation of at least $7 billion, people familiar with the matter said last week. Gopuff, the fast-growing U.S. delivery startup backed by SoftBank Group Corp., made its first acquisition in Europe on Thursday with a deal to buy a similar platform, Fancy, in the U.K.
Gorillas only announced its last funding round in March, raising about $290 million at a valuation that put it above the $1 billion “unicorn” threshold. Investors at the time included Coatue Management, DST Global, Tencent, Atlantic Food Labs, Dragoneer and real-estate focused venture capital firm Fifth Wall.
The company said it would give $1 million of the previous round to warehouse staff and riders, in a blog post in April. Founded in Berlin, Gorillas offers deliveries across 18 cities in Germany and the Netherlands as well as London and Paris.
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