Silicon Valley billionaire invests $25 million in Turkish mobile retailer
Sir Michael Moritz, one of Silicon Valley's top venture capitalists, has made a $25 million investment in Getir, a Turkish online retailer that delivers more than 1,000 everyday items, as well as hot meals, the Financial Times reported on Wednesday.
Getir secured an additional $13 million investment from Turkey and Brazil, after Welsh-born Moritz and his wife Harriet Heyman's charitable foundation, Crankstart, invested in the delivery company, it said.
“Getir’s approach to the complexities presented by grocery and food delivery is a Turkish delight prepared with a fresh recipe and unexpected ingredients,” Moritz said in a written statement about his investment to one of Turkey’s most successful start-ups, founded in 2015.
Getir, whose name means “bring” in Turkish, allows users to order products from ice cream to iPhone chargers, cat food to condoms at a moment’s notice, with only a small mark-up on supermarket prices, the FT said.
The company, which initially focused on Istanbul and recently began operations in the Turkish provinces of Ankara, Izmir, Bursa and Kocaeli, doubled its number of orders over the second half of 2019, with close to 1.5 million deliveries last month, the newspaper said.
Company executives plan to extend operations to international markets by launching in London in mid-2020, followed by São Paulo, Paris and Mexico City, it said.