German quick commerce startup GetFaster has raised €7.5 million in seed funding.
GetFaster, which focuses on the soft discounter part of the delivery market, plans to use the cash for coverage expansion, customer base growth, and product range development.
Investors included AngelsDeck, AltaIR, St.Nicolas Trust, Raison Asset Management, and Fores Ventures.
In May, GetFaster raised €1.5 million from AltaIR Capital and other backers. The next stage is to secure an A round of €40 million from tier-1 funds.
The company has increased its coverage to 43 cities in ten months of operation while maintaining a weekly growth rate of over 10%.
The goal is to become the national leader in rapid food delivery in Germany by covering all cities with a population of 25,000 or more and smaller cities in the immediate vicinity.
“In just ten months, we have fully confirmed that our operational model successfully works. Typical German households are switching to us,” says Dmitry Bergelson, Co-founder and Chief Strategy Officer, GetFaster.
“We see that consumption in large and small cities through GetFaster coincides, whereas we notice a significant difference in other segments.”
He adds: “Additionally, we were able to build an exceptionally efficient supply chain and achieve high gross margins.”
“We managed to achieve a high level of coherence in terms of both expansion and order service. As a result, we already had a positive regular order unit by August.”
“GetFaster is one of those projects that are of big interest for AngelsDeck. There is big growth potential and aggressive project dynamics. Interest in this deal from our club members exceeded the initial allocation by more than double,” says Andrey Vyshlov, an AngelsDeck club member who is head of AngelsDeck London and the deal syndicator.
“However, we managed to negotiate an expansion slot for AngelsDeck. As an early investor in the project, I am delighted to have the opportunity to continue our partnership and do it along with like minded club members.”
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