Mubadala, ADQ fund, Silver Lake back Turkey’s Getir as valuation races past $7.5 bn

 Mubadala, ADQ fund, Silver Lake back Turkey’s Getir as valuation races past $7.5 bn

Getir founder Nazim Salur at the company’s Istanbul headquarters

Turkish grocery delivery company Getir said Friday it has raised $550 million in a Series D funding round that almost tripled its valuation to more than $7.5 billion.

Private equity firm Silver Lake, Abu Dhabi sovereign wealth fund Mubadala Investment Company and DisruptAD, the venture capital arm of another Abu Dhabi wealth fund ADQ, joined as new investors in this round.

Existing investors including Tiger Global and Sequoia Capital also participated, Getir said in a statement. A large diversified US asset manager invested as well, it said, without elaborating.

Getir, which offers superfast deliveries of groceries in under 10 minutes, will use the latest capital injection to fuel its expansion into the US.

The Series D marks Getir’s third round of investment in 2021, with nearly $1 billion raised in total.

Getir had raised $300 million in a Series C round at a valuation of $2.6 billion in late March. It had then become only the second Turkish unicorn after Peak Games, which was acquired by US-based Zynga for $1.8 billion. It is now perhaps the most valued startup in the Middle East and North Africa region.

Previously, Getir had secured $128 million in a Series B round in January at a valuation of $850 million. It had raised $38 million in Series A funding in early 2020 from investors led by Silicon Valley venture capitalist Michael Moritz.

Getir was founded in 2015 Nazım Salur, Serkan Borançılı and Tuncay Tütek. Salur had previously founded BiTaksi, a Turkish taxi app. Borançılı had founded GittiGidiyor, which was acquired by eBay in 2011. Tütek is a former PepsiCo and Proctor & Gamble executive in Europe and the Middle East.

The startup launched its international operations, in London, in January and entered Amsterdam in May. It says it is stepping up its European operations, in Paris and Berlin, in the next few weeks.

In Europe, Getir competes with several app-based delivery service providers such as Flink, Delivery Hero and Gorillas in Germany, Cajoo in France and the UK-based Weezy and Dija.

Interestingly, Flink said Friday it raised $240 million from tech investor Prosus, Mubadala and others. Prosus is an investor in Delivery Hero as well.

The company plans to begin its US operations in the fourth quarter of this year. This will expand its ultrafast delivery services to six countries.

“This latest round of funding further enables us to deliver our best-in-class service to new customers in Europe, the US and beyond,” said Nazim Salur, founder of Getir. “There is great appetite for Getir and rapid grocery delivery.”

Aman Malik

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