GetFaster — an express delivery 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 8 German cities.
- Total funding: €1.5 млн
- Last round valuation: €15 млн
- Last round date: декабрь 2020
- Lead investors: Startup Lab, AltaiR Capital
- Company stage: Seed
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.
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
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.
- 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.
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.
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