- Online grocery company Gorillas has raised nearly $1 billion in funding. These are the details.
Online grocery company Gorillas has raised nearly $1 billion in funding, of which Delivery Hero provided $235 million for an 8% stake. Tencent, Coatue, DST, and Dragoneer also joined the round. Founded in May 2020, Gorillas has been growing at a rapid pace as it became known for delivering groceries in as little as 10 minutes.
Delivery Hero is known as one of the largest online food delivery services in Europe. And Delivery Hero also has a goal of succeeding in the rapid grocery delivery space.
With this funding round, Gorillas is valued at $3.1 billion. But this is a significant valuation drop from the $6 billion that the company was reportedly seeking earlier this year, according to CNBC. CNBC’s sources said that the company was also in discussions with DoorDash for an investment but the talks fell apart.
Gorillas is currently hitting a $300 revenue run rate. Part of this growth can be attributed by the demand for grocery delivery during the COVID-19 pandemic.