According to a report filed by the FT’s Ivan Levingston, Istanbul-based Getir, who most recently raised approximately $500 million according to Business Insider’s industry sources, is in talks to acquire German competitor Flink.
With Getir acquiring the UK’s Weezy in November 2021 and Berlin-based competitor Gorillas in a $1.2 billion deal in December of 2022, Flink is one of the last surviving independent grocery delivery services on the market. Once the hot ticket item for investors during the live-from-the-office experiment, the capital-intensive nature of such a service has received the cold shoulder from investors in as many months.
Citing “people familiar with the deal”, discussions between the two are ongoing, but there’s no guarantee that the deal will ever see the light of day. However, should conversations prove fruitful, folding Flink into the Getir family would leave US-based Gopuff as the only worthy competitor on the grocery-deliveries pitch.
Flink counts 11 investors on its cap table, including DoorDash, Cherry Ventures, Northzone, and Mubadala Capital (who's also invested in Getir), and in January said that it expected its German market operations to be profitable by the end of this year, a projection based on €400 million in sales in 2022, and that its operations in France and the Netherlands should turn a profit by Q4, 2024.
The FT also reported that Flink is in talks to raise around $100 million from existing investors at a valuation north of $1 billion. While these numbers might seem impressive in today’s climate, as a reminder, in late 2021, Flink raised $750 million in a Series B funding round, that at the time, provided the company a pre-money valuation of $2.1 billion.
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