Turkey’s New Decacorn: Getir raises $768M Series E
After raising 3 Mega Rounds last year and expanding into Europe and USA, Turkey’s Q-commerce startup Getir becomes the new Decacorn on the block with a $768M in Series E financing
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Turkey-headquartered and now global Q-commerce startup Getir has successfully raised an unprecedented $768M in its latest funding round. The Series E round was led by Mubadala Ventures, with Abu Dhabi Growth Fund (ADG), Alpha Wave Global, Sequoia Capital, and Tiger Global also participating. Following this deal, the company reached a valuation of $11.8 billion making it Turkey’s new Decacorn after Trendyol’s listing last year.
Originally from Turkey, Getir has quickly expanded its service across Europe and the U.S. Championing the Q-commerce proposition Getir has built intricate networks of micro-fulfillment centers in a plethora of urban areas assigned strategically to cover more ground in less time. Delivering on Bikes and moped scooters, the startup fulfills grocery orders “instantly” with a competitive window between 20 and 40 minutes.
After the success and burgeoning investor attractivity of Q-commerce ventures in 2021, many startups attracted major investments in 2022 YTD across MENA. Highlighting this trend are some major rounds including investments in Egypt-based Yalla Fel Sekka, UAE-based Yalla Market and Quiqup, Kuwait-based Fiz, Iraq-based TipTop, as well as in KSA-based B2B Q-commerce startup Barq collectively raising more than $28M in funds this year between Pre-Seed and Series A rounds. The reason behind these large funding rounds could be attributed to the need for rapid and aggressive market expansion for the Q-commerce proposition to work, which could act as a double-edged sword for the startups. As recorded in our State of Startup Funding 2021- Emerging Venture Markets Report, available for download, funding in the Transport & Logistics sector across the Middle East, Africa, Pakistan & Turkey (MEAPT) has observed 460% YoY growth across 41% more deals since FY 2020, to account for 24% of all capital invested across these Emerging Venture Markets. Driving more than $1Bn in funds to the sector, were 3 Mega Rounds by Turkey-based Getir, 1 Mega Round by Egypt-based Halan, the highest funding round in Pakistan by Q-commerce startup Airlift, as well as a major funding round by T&L Tech startup and fleet network provider iMile coming out of the UAE amongst the top 10 most funded T&L startups over the past year.
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The Turkey-headquartered Q-commerce startup has aggregated 40M app downloads across nine countries. Overall, Getir manages 1,100 dark stores, this is to say that Mega Rounds are justifiable considering the capital-intensive nature of their business model. “We are defining the ultrafast delivery sector and this latest round of funding is a testament to Getir’s position as an industry pioneer. In such an exciting and competitive market we cannot afford to stand still,” Getir founder Nazim Salur said in a statement.
Getir is quite dominant in Turkey, currently operating in 81 cities. The company covers 48 cities for all other markets — the U.K., Germany, France, Italy, Spain, Netherlands, Portugal, and the U.S. This latest investment will be used to support Getir’s growth, hire additional staff, and position itself as a sector leader, as founder Nazim Salur concluded, “This investment will enable us to further develop our proposition and technology, as well as invest in our employees to continue to attract the best talent.”
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