Gorillas raises circa USD 1bn in Delivery Hero-led Series C

The round included further investments from existing backers Coatue Management, DST Global, Tencent, Atlantic Food Labs, Fifth Wall, Greenoaks, and new investors G Squared, Alanda Capital, Macquarie Capital, MSA Capital and Thrive Capital.

Delivery Hero invested USD 235m in the business, securing an 8% stake.

The new funding was secured at a pre-money valuation of USD 2.1bn. It comes just seven months after Gorillas raised USD 290m in its Series B, led by Tencent, DST and Coatue last March. Atlantic Food Labs, Dragoneer and GreenOaks also participated in the round, which reportedly valued the company at more than USD 1bn.

Atlantic Food Labs made a seed investment in Gorillas in August 2020. In November 2020, Coatue backed a USD 40m round for Gorillas. At the time, trade news publication Nordic 9 reported that the round would give Gorillas a USD 200m post-money valuation.

Food and drink delivery and online supermarket startups have boomed amid the coronavirus lockdowns imposed across much of Europe since February 2020. One competitor to Gorillas is Berlin-based Flink, which raised a USD 240m Series A in June. 

Sponsors and VCs have invested across a range of deal sizes in the sector in the past year; notable investments include Czech online supermarket Rohlik.cz., UK-based Dija, Netherlands-based Crisp, and France-based grocery delivery service Cajoo.

But the largest comparable is without a doubt Getir – the Turkey-based developer of a groceries delivery app raised USD 550m in a Series D funding round co-led by Sequoia Capital and Tiger Global in June. The round also saw participation from Silver Lake, DisruptAD, and Mubadala Investment Company. Getir has been attracting capital at a rapid pace, like Gorillas; the Series D was preceded by a USD 300m Series C last March.

Company
Founded in 2020 by Kağan Sümer and Jörg Kattner, Gorillas is an online grocery delivery platform that claims to reach its customers within 10 minutes through its network of delivery riders in more than 55 cities. Customers place orders via an app and the company then fulfils orders from its own warehouse sites.

According to a statement, Gorillas has opened 140 warehouses and delivered more than 4.5 million orders in the past six months. It employs 11,000 staff.

People
Gorillas – Kağan Sümer (founder, CEO); Jörg Kattner (co-founder).

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