Flink plans to use the funds to explore M&A opportunities as it expands globally. Here are the top-line bullets you need to know.
Flink, an online grocery delivery platform, has raised $750M in a Series B round that drew participation from DoorDash, Mubadala Capital, and Northzone Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- Germany-based Flink provides 10-minute grocery delivery services to consumers. It maintains a focus on locally sourced consumer items, such as fresh fruits and vegetables.
- The company is present in 60 cities across 4 countries — Germany, France, Austria, and the Netherlands
- Flink currently has about 10M customers and offers around 2,500 products.
WHY DOES THE MARKET MATTER?
- The global online food delivery market is expected to reach a value of $63.6B by 2025, growing at a CAGR of 15.4%, according to Grand View Research.
- Changing consumer preferences are contributing to growth in this market. For example, the demand for fresh food options and fast delivery has increased, particularly among millennials.
- Online delivery volume skyrocketed in the face of pandemic-related lockdowns, store closures, and social distancing protocols.