Gorillas, the Berlin-based on-demand grocery delivery startup has raised $290 million. According to the company, the latest round of funding makes it the fastest unicorn across Europe to eclipse the $1 billion mark.
The Series B round of funding was led by DST Global, Tencent, Coatue Management, Greenoaks, Dragoneer, and Fifth Wall. In December last year, Gorillas had raised a $44 million Series A round of funding.
The recently raised funds will be utilized to fuel the growth of Gorillas which aims to establish its presence in ten countries.
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How does Gorilla operate?
At present, Gorilla primarily operates as a chain of dark grocery stores that provides delivery of essential items in ten minutes. Gorilla is among the group of startups that are focused on establishing delivery-only grocery stores within residential neighborhoods.
These stores operate on minimum inventory levels and carry out deliveries in a limited delivery radius to complete deliveries at the earliest. Gorilla has stores in over 12 cities across Europe in locations including Munich, Berlin, Amsterdam, and London to name a few.
In the upcoming months, Gorillas has set its eyes on opening a store in Paris and launching in New York City.
Stiff competition among on-delivery startups
The scale of the funding following a Series A for grocery-related companies does not come as a surprise. Gorilla is just one of the many startups operating within the grocery delivery space across Europe.
Other European startups in this space who have managed to raise funds recently include Jiffy, Flink, and Weezy. Across the Atlantic, in the U.S, GoPuff, DoorDash, Fridge No More have also made the headlines for their innovative approach to on-demand delivery.
More about Gorillas
Gorillas was founded by Kağan Sümer. It is an on-demand grocery delivery startup that promises to deliver goods from warehouses to the doorstep in just 10 minutes. In its press release, Grocery said that Gorilla app users stand to benefit from gaining access to over 2000 items at retail prices in ten minutes.
Currently, Gorillas has a team of 1000 riders, who, according to the company, will benefit from the employment contracts.