Getir, an app that promises grocery deliveries in 10 minutes, has secured a $7.5bn (£5.3bn) valuation as it gears up to launch across Europe and in the US.
The Turkish tech firm raised more than $550m in a series D funding round backed by existing investors such as Tiger Global and Sequoia Capital.
It has also added a number of blue-chip investors, including Silver Lake, Disrupt AD, and Abu Dhabi sovereign wealth fund Mubadala Investment Company.
The latest cash boost is Getir’s third investment round in 2021, with almost $1bn raised since the start of the year as investors scramble for a slice of the rapidly-growing grocery delivery market.
Istanbul-based Getir launched in London in January and expanded to Amsterdam last month. It is now preparing to roll out in Paris and Berlin in the coming weeks.
The company said it will launch in several US cities by the fourth quarter this year, establishing a presence in six countries.
“Our model and approach to ultrafast delivery is thriving and this latest round of funding further enables us to deliver our best-in-class service to new customers in Europe, the United States and beyond,” said Nazim Salur, founder of Getir.
“There is great appetite for Getir and rapid grocery delivery. As the pioneers of the market, we continue to stand out by constantly innovating to provide the industry standard.”
Getir, which was founded in 2015, is one of a number of apps competing in the ultra-fast grocery delivery market as rivals compete to offer ever speedier services.
London-based Dija, founded by former Deliveroo executives, launched in March and has four hubs operating in South Kensington, Fulham, Hackney and Islington.
Weezy, which also operates in the capital, earlier this year raised $20m to fund its expansion, while Gorillas is reportedly closing in on a $1bn funding round.