Berlin-based groceries-to-your-door-in-under 10 minutes firm Flink has raised $240 million in Series A round led by Prosus, BOND, and Mubadala Capital. The funding round also saw a significant long-term nationwide supply agreement from major German grocer REWE Group. Including this investment, the firm, which is just over six months old has raised a total of $304.2.
Founded in late 2020 by serial entrepreneurs Oliver Merkel, Julian Dames, and Christoph Cordes, Flink is another player on the red hot get-to-my-door-faster-than-it-took-me-to-order-it trend popping up all across Europe. The company points to the rollout of a new hub every two days, and is already reaching three million customers directly, as strong metrics.
“Flink is the rare combination of a great founding team tackling a huge market with a truly disruptive proposition. The grocery retail market in Germany is one of the largest undigitized markets at only 3% online penetration. We believe that the grocery store of the future will be hyper-local, instantly available, and always delighting its customers,” says Mubadala Capital’s Amer Alaily.
Flink’s first round of funding concluded in January of this year and saw support from Cherry Ventures and Northzone in a $10 million pre-seed round, with Target Global coming on board in March with $52 million. It would appear that all three previous investors have not followed on, and with the Rewe Group no onboard, one can only wonder if Flink is in it for the long haul, or for the quick acquisition?