VC-backed Getnow files for insolvency

Harriet Matthews
27 October 2020

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Munich-based online supermarket Getnow, which is backed by investors including Germany-based IMS Capital Partners, has filed for insolvency, according to a filing with the Munich District Court on 26 October 2020.

The company's website is offline and it is not accepting orders.

Taylor Wessing has provided legal advice to the company on its insolvency filing, while Max Liebig of Jaffé Rechtsanwälte has been appointed as provisional insolvency administrator.

The company is now seeking new investors, Leibig said in a statement.

A failed financing round has been cited as the trigger for the insolvency, according to local press reports.

According to its LinkedIn profile, the company is backed by a number of business angels, as well as Zimmermann Investment and IMS Capital Partners. According to a statement, the business has raised tens of millions of euros from its venture capital backers.

IMS holds a 38.7% stake in the business. However, IMS has also been forced to file for insolvency with Berlin's Charlottenburg District Court, according to documents filed with the court on 22 October 2020.

Getnow was founded in 2015 in Berlin, but has been based in Munich since 2019. The firm employs 130 people in seven locations. The company offers same-day delivery for food products, which are delivered by couriers.