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Turkish start-up Getir rides the speedy grocery delivery craze to a $7.5 billion valuation

Mount Equity Group Tokyo, Japan > News > Tech > Turkish start-up Getir rides the speedy grocery delivery craze to a $7.5 billion valuation

A Getir scooter in London.Getir

LONDON — Turkish grocery delivery start-up Getir has raised $550 million in a new investment round, valuing the company at a whopping $7.5 billion.

The Istanbul-based firm raised the fresh cash from the likes of Silver Lake, Mubadala, Sequoia and Tiger Global. Getir has now raised almost $1 billion over three separate funding rounds so far in 2021. The company was last privately valued at $2.6 billion in a May funding round.

It is the latest sign of frenzied venture investment in the red-hot speedy grocery delivery space. Apps that promise groceries shipped to customers’ doors in just 10 minutes have cropped up across Europe, with a raft of companies from Turkey’s Getir to Germany’s Gorillas raising huge sums from investors.

These firms operate so-called “dark stores,” fulfilment centers designed to carry out online orders rather than serve customers in person. Gorillas and U.K. rivals like Dija and Zapp hire their couriers rather than relying on contractors like Deliveroo and other players in the gig economy.

Gorillas is reportedly seeking an investment round of at least $500 million that would value the company at $6 billion, according to Bloomberg. Gorillas declined to comment when contacted by CNBC.

Elsewhere in the space,