Funding

Getir funding news – Food Delivery Startup Getir Secures $250 Million in Funding

Jun 25, 2024 | By Startup Rise EU

Food delivery giant Getir secures $250 million in funding led by Abu Dhabi wealth fund Mubadala Investment Co. Founded in 2015, the company has raised over $1.8B, previously raising a $768 million Series E funding round in 2022.

SUMMARY

Food delivery giant Getir secures $250 million in funding led by Abu Dhabi wealth fund Mubadala Investment Co. Founded in 2015.
Getir is a lightning-fast delivery platform. They bring groceries in around ten minutes right to your door.

However, after leaving the European market recently, the company has had difficulty expanding. The Berlin grocery delivery service Gorillas was shut down in May after the firm announced its withdrawal from Germany. It purchased Gorillas for €1.1 billion in December 2022. In 2023, it left its remaining European markets, which included Portugal, Spain, France, and Italy.

The Istanbul company's only market at this point is its own country of Turkey. Co-founder and CEO Nazim Salur will be replaced as part of the funding by Getir's Turkey head, Batuhan Gultakan.

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On Sunday, a split was agreed by shareholders. The company will now be divided into two distinct entities: a standalone corporation that will hold all of the company's other assets and a food delivery operation in Turkey under the management of an existing partner, Mubadala.

The creators of it and Nazım Salur will assume a majority position in a second new corporation that would include all of it's remaining ventures, such as its US FreshDirect grocery business, employment board, BiTaksi ride-hailing service, and N11 retail platform. The ownership structure of GetirFinance is as follows:

40% of the founders of Getir

32 percent in Mubadala
The Maxis fund of Isbank: 20%
Michael Moritz's investment vehicle, Crankstart: 8%

Getir board member Hani Barhoush said , “Mubadala has been a long-term and committed investor in Getir, and this capital injection reflects our strong confidence in the promising future of the company’s core business in Turkey.”

About Getir

Getir is a lightning-fast delivery platform. They bring groceries in around ten minutes right to your door. It wants you to be able to be spontaneous, live in the present, and make better use of your time and space. They give you the power to obtain what you require, exactly when you require it, and without compromising.