Istanbul-based rapid delivery firm Getir announced on Tuesday that it has raised $128 million in a funding round that values the company at $850 million.
Michael Moritz’s Crankstart Investments led the funding round with Brazil-based Base Partners. Turkey-based investors Revo, Esas, and Fiba also took part in the round as well as New York-based Tiger Global and Goodwater Capital of Silicon Valley.
The company wants to use the new funding for global expansion. “Getir intends to use the new funds to couple exponential growth in Turkey with international expansion,” Getir said in a statement.
Employees were offered the opportunity to become investors in this funding round, upon the demands of Getir employees. More than 250 employees also have become shareholders in Getir with their own savings.
Reminding that they founded Getir in 2015, Nazım Salur, Founder of Getir, said, “We have created a new market. Today approximately 1500 products in 18 cities in Turkey are delivered to users within 10 minutes.
“In this round, where we secured $128 million, our current investors believed in the potential of Getir and new investors joined us. In just 5.5 years, we reached a valuation of about $850 million. The most important factor in achieving this valuation was the fact that Getir being a first of its kind in the world when it was founded and that we developed this idea and carried it to the present.”