Flink announces Prosus-led $240m funding round
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GERMANY-BASED instant grocery delivery company Flink on Friday announced a $240 million Series A funding round led by Prosus and other investors.
Flink has more than 50 hubs in 18 cities after four months of operations, reaching more than three million customers directly. At the same time, a partnership had been agreed with REWE Group, one of the largest supermarket chains across Germany.
Friday’s announcement followed other recent investments by Prosus in the European food delivery and grocery sector:
In April, Prosus co-led a €223m investment round in Norwegian e-grocery business Oda.
While the food delivery companies within the Prosus portfolio have all rolled out online grocery delivery, this represented Prosus’s first direct investment in an online grocery business, a market expected to reach $1.1 trillion by 2027.
In March, Prosus announced it had bought some 20.37 million shares in Delivery Hero to offset dilution of its existing stake. Consequently, Prosus’s stake amounted to 24.99 percent, positioning it as the largest shareholder in Delivery Hero. Prosus said it had no intention to acquire further shares in Delivery Hero for the next 12 months.
Globally, Prosus aimed to build a global leader in on-demand food and grocery delivery to transform the way people source, consume and experience food, a statement from the group said.
“We are present in nearly 70 markets via several businesses including Delivery Hero, Flink, iFood, Oda, Swiggy and Wolt and cover more than half of the global population,” the group said.