Turkey’s biggest online delivery service Getir is closing in on $100M funding deal with plans to hit London first early this year, sources report.
Turkey’s biggest online delivery service Getir has been in talks with investors to sign a funding deal after a $800 million valuation with an eye on expanding into the United Kingdom.
A Bloomberg report on Friday said Getir plans to sell a minority stake for about $100 million to put towards further investments, citing anonymous sources familiar with the "confidential" matter.
Getir co-founder Nazim Salur expressed wanting to hit international markets, targeting London first in early 2021, followed by South American cities Sao Paulo and Mexico City, in an interview last year with the Financial Times.
The 10-minute delivery app, whose name translates to "bring" in Turkish currently operates in 10 cities in Turkey, including Istanbul and capital Ankara.
The firm saw a large boom in 2020 as customers flocked to online delivery services during the coronavirus pandemic, and drew the attention of investors, raising around $38 million in its first funding round completed earlier last year.
Most notably Getir attracted the attention of tech investor Sir Michael, a partner at Sequoia Capital, who invested $25 million.
Bloomberg sources now say Getir is predicted to pass the $1-billion mark in the next investment round earning it a so-called "unicorn status."
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