Delivery startup Gorillas is looking to raise $700 million

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Gorillas Technologies, a grocery delivery startup operating in the UK, US and France, is looking to raise more than half a billion dollars in new funding this year, Bloomberg reported on Friday (February 25).

Gorillas is one of the biggest companies delivering groceries and other stuff, claiming it can do it “in minutes.” Investors played a big role in grocery delivery startups during the pandemic, as delivery companies were a favored way to deliver food to people worried about going out amid the coronavirus.

But these days things are gearing up for more profitability and businesses are starting to consolidate. For example, Gorillas recently acquired Frichti, a French delivery company.

According to Gorillas CEO Kagan Sumer, the goal was to raise at least $700 million, if not more. He said he wanted the business to become profitable.

“Last year, we not only made Gorillas the undisputed pan-European leader, but we also showed a clear path to profitability in our markets,” he added in a statement on Friday, according to Bloomberg.

PYMNTS wrote about the acquisition of Frichti in January, writing that the combined company will have the second-largest market share in the Paris food delivery space, at 17.1%.

See also: Gorillas will take Frichti for a bigger slice of food delivery pie

That puts the company ahead of Carrefour and behind Casino Guichard-Perrachon, according to Nielsen data. The deal was still ongoing when PYMNTS wrote the report.

Gorillas’ interest in Frichti came from its expertise in making private label and ready meals, according to Sumer. He added that they were looking to scale their operations with cross geographies, and that fast trading was a first step before the business expands into other areas.

The deal gave Gorillas access to Fricht’s customer base of more than 450,000 people, as well as 25 micro-distribution centers in eight cities in France and Belgium.

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