04
June
2021
|
09:21
Europe/Amsterdam

Flink raises US$240 million to fuel ambitious growth

  • Series A funding round of US$ 240 million led by Prosus, BOND and Mubadala Capital
  • REWE Group enters into a long-term nationwide supply agreement to support Flink
  • 50+ hubs in 18 cities open after 4 months of operations, reaching more than three million customers directly

Berlin, June 4 2021: Flink SE today announced it has secured US$ 240 million in funding led by new international investors Prosus, BOND, and Mubadala Capital as the instant grocery delivery business expands rapidly in Germany as Flink emerges as one of Europe’s fastest growing companies. At the same time, a strategic partnership has been agreed with REWE Group, one of the largest supermarket chains across Germany.

As the market for food delivery is moving increasingly online, Germany-based Flink is quickly ramping up its operations across all dimensions. With the promise to deliver more than 2.400 different products to customers via Flink riders in under 10 minutes, the company is rolling out one new hub every two days and already reaches more than three million customers directly. Consumers love the value proposition and show high loyalty - many already order twice a week or more. At the same time, the product range expands each week with the goal to supply customers with their beloved national brands, organic products and local hero brands.

Flink Founder Oliver Merkel: “We are on a mission to give people back some of their valuable time during their hectic days and impress them with our service every time they order. We want to establish Flink as the top destination for their day-to-day goods at great prices and with instant delivery by our amazing riders. The order growth we have seen over the past weeks has been explosive and we attribute that to the excellent service we are providing to our consumers.”

Larry Illg, CEO of Food Delivery at Prosus: “The opportunity that exists for online grocery delivery is vast, with the grocery market in Germany alone expected to reach more than €300bn in the coming years. The past year has seen many new players entering the nascent market, vying to fulfill the increasing consumer demands. Flink comes to the market offering ultra-fast delivery of items, mostly under 10 minutes, getting consumers what they need almost immediately. Flink’s innovative tech-enabled logistics service combined with the expertise of the team, the quality of the partnerships they have quickly established and the pace of execution within Germany, has been nothing short of impressive.”

Daegwon Chae, General Partner at BOND: "Flink is a pioneer in a new model of commerce that is purpose-built for consumers who expect better, faster, cheaper services. We have been impressed by Flink’s ability to scale rapidly while delighting customers through a seamless experience, and are excited to partner together as Flink builds the grocery store of the future."

Amer Alaily at Mubadala Capital - Ventures: “Flink is the rare combination of a great founding team tackling a huge market with a truly disruptive proposition. The grocery retail market in Germany is one of the largest undigitized markets at only 3% online penetration. We believe that the grocery store of the future will be hyper-local, instantly available, and always delighting its customers. With best-in-class operations and strong momentum, Flink can become a major player in the digital grocery sector, and we look forward to partnering with them on the journey.”

Household grocery spend is second only to housing, representing a large opportunity for companies improving the grocery experience. Online grocery delivery is still a nascent market, but the past year has seen a significant inflection point with consumers increasingly transitioning online. Quick delivery models like Flink offer higher margins and aim to transform the way customers think about grocery shopping even further, moving away from bulk, scheduled shopping with a lackluster customer experience, and into everyday shopping with a broad selection of products and an extraordinary experience with every order.

After the completion of the first round of funding in February, led by Cherry Ventures, Northzone and Target Global, the strong growth of the company will now be supported by the investments of Prosus, BOND, Mubadala Capital, and REWE. The additional investors will work closely with the management team to help build the market leader that will shape the new market and, through the power of modern technology, a truly innovative customer experience will be brought to urban neighborhoods across the continent.

Flink was founded in December 2020 by Oliver Merkel, Julian Dames and Christoph Cordes. The team combines 40 years of experience in retail (online and offline). The team has since been expanded with a strong group of senior executives for various functions.

Boilerplate

About FLINK

Flink is an instant grocery delivery service on a mission to give people back time. Consumers can order groceries on the Flink app and get them delivered in just 10 minutes. Flink offers a broad range of top brands and fresh organic products. The delivery comes with a good conscience too: Flink supports local products, uses sustainable packaging and delivers on e-bikes. Flink is currently one of the fastest growing companies in Europe. For more information, please visit goflink.com.

About Prosus:

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors in markets including India, Russia, and Brazil. Through its ventures team, Prosus invests in areas including health, logistics, blockchain, and social commerce. Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who are using technology to improve people’s everyday lives.

Every day, millions of people use the products and services of companies that Prosus has invested in, acquired or built, including Avito, BrainlyBUX, BYJU'S, Bykea, Codecademy, DappRadar, DeHaat, dott, ElasticRun, eMAG, Eruditus, Honor, iFood, Klar, LazyPay, letgo, Meesho, Movile, OLX, PayU, Quick Ride, Red Dot Payment, Remitly, Republic, Shipper, SimilarWeb, Skillsoft, SoloLearn, Swiggy and Udemy.

Hundreds of millions of people have made the platforms of Prosus’s associates a part of their daily lives. For listed companies where we have an interest, please see: Tencent, Mail.ru, Trip.com Group Limited, and DeliveryHero.

Today, Prosus companies and associates help improve the lives of around a fifth of the world's population.

Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and secondary listings on the Johannesburg Stock Exchange (XJSE:PRX) and a2X Markets (PRX.AJ). Prosus is majority-owned by Naspers.

For more information, please visit www.prosus.com.

About Prosus

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

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