Berlin-based Online grocery Flink raises $750M in a round led by DoorDash, now its valued at $2.85B
Berlinbased Flink Target Global
With the increased need for instant grocery delivery companies, Germany-based Flink raised funding of $750 million in a series B round on 10 December 2021. This lately financed round has DoorDash as the prime investor.
Another backer in this round is Mubadala Capital, which is also a returning investor for Flink. A significant increase in the valuation can be already seen after the funding as Flink’s valuation now stands out at $2.85 Billion as per berlinbased flink target global 64mheartechcrunch.
About Berlinbased Grocey Firm Flink
Flink was co-founded as a grocery delivery start-up in 2020 by Christoph Cordes, Julian Dames, Nikolas Bullwinkel, and Oliver Merkel and has already become a unicorn with its amazing valuation. Christoph Cordes and Julian Dames have also founded start-ups called “Foodora “ and “Fashion for Home”. The Headquarters of Flink is established in Berlin, Germany. With the feature of instant grocery delivery, which is the need of current society, Flink gained popularity among its operational areas. They majorly deal in dairy products, agricultural products, poultry products, etc.
Currently, Flink has active operations in three countries including Germany, Netherlands, and France with services across more than 50 cities and is working on expanding its areas of operation. Within a year of being active in the market, Flink has achieved massive recognition as a superfast delivery company and there are multiple repeating users, shopping regularly from Flink.
Grocery Firm Flink Services
Flink provides a mobile application along with its web app for the convenience of millions of users on its platform. Competitors of Flink include Gorillas(which has also raised funding of $1 Billion recently), Orchata, Crisp, and others. The multinational e-commerce company, Amazon and Delivery start-up GoPuff have also approached Flink for acquisitions, however, it doesn’t work in their favor.
Flink’s Chief Executive Officer, Oliver Markel Statement
Flink’s Chief Executive Officer, Oliver Markel said that their obsession with “How we do things” is a prime reason for the start-up’s popularity and leadership in the market. He also talked about learning from previous mistakes.
He expressed his views on the start-up’s initial operations in Regensburg saying that being a smaller town in southern areas of Germany, they got numerous orders and deliveries on the first day itself of its operations which he said is an indication that “ our model works everywhere” and not being limited to bigger cities, “Flink wants to be the supermarket for everyone” with the supermarket prices and superfast deliveries for everyone as per flink 750m series doordashheartechcrunch
Flink 750m Series
This $750 Million funding will be used for bringing and expand in the operational areas of Flink so all of the citizens across the countries, where it is active can reach out to the superfast delivery services of Flink. Multiple users are there who constantly query Flink about functionalities in their locality and the application itself provides the feature “signup for our waitlist”, for those who eagerly want that Flink will bring out the services to them. Flink desires to enlarge the facility to remote and rural areas, not being limited or specific to urban parts.
Flink 750m funding Round Lead Investors DoorDash
Talking about the investors, the giant one here is DoorDash. Prabir Adarkar, Chief Financial Officer of Doordash remarked about being impressed by the growth of Flink. He also termed Flink as the leader of markets in the nation and praised the co-founders for their mindset.
DoorDash is a California, America-based food delivery start-up, which was earlier a private entity but becomes public in 2020. Tony Xu is the current Chief Executive Officer of DoorDash. Another investor in this round is Mubadala Capital, the subsidiary company of Mubadala Investment.
DoorDash itself has a valuation of Billions. Mubadala capital works as an investment firm, headquartered in Abu Dhabi, UAE. Cologne, Germany-based retailer REWE also talked about assisting Flink and that the collaboration between REWE and flink is moving ahead positively and profitably.
Flink collaborated with REWE, Germany’s one of the biggest food retailers in April this year and it is going fortunately well. Partnering with REWE seems very beneficial for Flink, for catering to the requirements of its consumers and Flink will expand out its operation in further areas after the latest funding round.
Flink 990m Investment Round
This is not the first time where DoorDash and Mubadala invested in the start-up, they both are returning investors of Flink. The total funding raised by Flink to date is nearly $990 Million, raised in multiple rounds.
In June 2021, the instant delivery start-up got an investment of $240 Million in a series A funding round with investors such as Mubadala Capital, Bond Capital, and others. This is the only known funding amount of the company excluding any other undisclosed amount of investment received by the company.
This funding will contribute immensely to the growth of the 10-minute grocery delivery firm as it will be used to expand the service areas across other cities, according to their plans, widening its already broader customer base. Flink has already Millions of customers onboarded on its platform.
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