Article/Intelligence
New Coverage: FreshDirect
FreshDirect, a privately held online grocer and delivery service, is seeking to raise additional capital amid financial woes at its parent company, Getir, and consumer demand that has come off of its Covid-19 peak, according to sources.
Istanbul-based Getir announced late last month that it is leaving the United States, United Kingdom, Germany and the Netherlands in order to rightsize its business operations and refocus efforts on Turkey.
The company said it raised a new investment round led by Abu Dhabi sovereign wealth fund Mubadala and venture capital firm G Squared “to bolster its competitive position in its core food and grocery delivery businesses in Turkey.”
Getir added that it generates 7% of revenue from the United Kingdom, Germany, the Netherlands and the United States.
FreshDirect did not respond to a request for comment.
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