Flink, a German grocery delivery app, has raised $120 million in its Series C funding round. This significant investment comes at a time when the eGrocery sector is showing signs of recovery after a slowdown in venture capital since the peak fundraising period of 2021. The funding round was led by existing backers Bond, Mubadala, Northzone, and German supermarket Rewe, along with undisclosed new investors.
Flink previously raised €100 million in April 2024 to extend its runway, but the company has not disclosed its current valuation. Flink currently operates in Germany and the Netherlands, having exited the markets in Austria and France due to bankruptcy filings in late 2022 and mid-2023, respectively. The company claims to have achieved profitability on a country-by-country basis and aims for full profitability by the second quarter of 2025.
Flink secures $120 million funding
Flink projects gross revenues of $600 million for 2024, reflecting a 20% year-on-year growth rate excluding the costs associated with exiting the French market. The average basket size for Flink’s orders is $40.
The company is active in 80 cities across Germany and the Netherlands and plans to open 30 new locations within the next 12 months. Additionally, since September, Flink has been delivering grocery items for Rewe to Lieferando customers, a service under the Just Eat Takeaway.com group, as part of a partnership between the two companies. Despite the skepticism surrounding the profitability of quick grocery companies due to challenging unit economics and high customer acquisition costs, Flink’s strategic moves exhibit its commitment to sustaining and expanding its presence in the competitive speedy grocery market.
In other notable news, Headline announced a €776.5 million fund to back growth-stage companies across Europe and North America, while Ukraine’s tech ecosystem continues to showcase resilience in adversity, attracting attention from investors and industry experts.
