GetFaster — e-groceries startup from Germany. The company delivers consumer goods from its own dark stores.
GetFaster creates wow-effect by fast delivery — but retains customers with a balanced assortment and affordable prices every day. The delivery is made online via mobile or web, assembled in a dark store, and delivered by couriers on different types of transport. The company is already operating in 44 German cities.
Official website: http://getfaster.io/
Headquarter: Dusseldorf, Germany
Why to invest in GetFaster?
The service has launched in 44 German cities for the last 10 months only GetFaster delivers goods from its own dark stores In 2020 online sales of grocery products in Germany grew on average by 39.9%.
GetFaster: investment metrics
- Total funding: €1.5 млн
- Last round valuation: €15 млн
- Last round date: декабрь 2020
- Lead investors: Startup Lab, AltaiR Capital
- Company stage: Seed
Market perspectives
According to McKinsey research, in 2020 online sales of grocery products in Europe grew on average by 55%, in Germany — by 39.9%. At the same time, the German grocery retail market showed an increase of 12.3%. The popularity of online sales in many ways stimulated by a lockdown, but McKinsey analysts predict that buying food on the Internet will be in demand after the pandemic. There is significant room for growth: by the end of 2020, the share of online sales in grocery retail in Europe accounted for only 5.3%, in Germany — 2.5%.
Moreover, Germany is considered the biggest retail market for consumer goods in Europe.
Competitive analysis
GetFaster’s closest competitors have a different geographic focus. Gorillas operate in German cities with a population of 500.000+(16 million in total), Flink is focused on cities with a population of 300.000+ (26 million), while GetFaster is focused on cities with a population of 25.000+ (36 million).
Founders and Management of GetFaster
Anton Zakharov (CEO) is an entrepreneur with experience in e-commerce who built and sold a leading Russian startup in the field of online outsourcing for grocery retailers.
Dmitry Bergelson (CBDO), former CBDO at X5 Retail Group / Pyaterochka, founder of the INNORETAIL.VC retail technology venture studio and Holmes & Moriarty consulting company.
Risks
- Competition with other delivery startups and large retail chains. However, dark stores and proper segmentation should allow GetFaster to win a significant market share.
- The company has initial confirmation of demand, however, is at a very early stage of development. Further scaling may slow down growth.
Deal exit
Option №1 — a merger by:
- A traditional German or international discounter (Aldo, Lidl, Edeka-Netto) — the most likely option
- An international e-commerce player with a strategic interest in food markets (Amazon, Ali Express, etc.),
- Restaurant delivery company (Uber Eats, Deliveroo, etc.)
Option №2 — exit the deal on the secondary market
The company is expected to have a $150 million valuation in case of maintaining the current growth pace.
How to buy GetFaster shares?
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