Flink, one of the few rapid grocery delivery startups left operating in Europe, has secured $150mn to grow its business in Germany and the Netherlands.
The funding comprises $115 million in equity and $35 million in debt, with backing from both new and existing investors, including BOND, Northzone, and supermarket chain REWE.
This reportedly brings the company's valuation to nearly $1bn.
With the fresh capital, Flink plans to “expand [its] footprint, improve operational efficiency, and continue delivering […] its service” in the two countries, said Oliver Merkel, the startup's founder and managing director.
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The Berlin-based startup will carry out this plan in partnership with Amsterdam-based Just Eat Takeaway.
Germany and the Netherlands are the last two remaining markets Flink is operating in, following its exit from France earlier this year.
The company says that it has already achieved EBITDA break-even at country level and is targeting overall profitability by the second quarter of 2025.
It expects $600mn gross revenue in 2024 — an approximately 20% increase from 2023 in both Germany and the Netherlands. It also plans to open 30 new hubs in the two markets.
Flink quickly reached unicorn status in 2021 — in less than a year after its founding — benefiting from the grocery delivery sector's boom during the pandemic.
But soon after, soaring inflation, stricter regulations on “dark stores” (where the products are stored before delivery), and decreased consumer (and therefore, investor) interest, spelled tumultuous times for startups like Flink.
The sector saw expansion retreats and extensive market consolidation, with companies including Flink and Getir placing focus on their home (and adjacent) markets.
It remains to be seen whether Flink's business strategy will show the resilience necessary to reach its profitability goals next year.