A Singaporean state investment fund is backing one of the new breed of rapid grocery delivery apps which have devoured billions of dollars of funding in a race to grab market share.
Sky News has learnt that the Asian city state’s Government Investment Corporation (GIC) is jointly leading a roughly-$200m fundraising for Zapp, which launched just 18 months ago.
Sources said the new capital would also include contributions from existing investors Lightspeed Venture Partners and 468 Capital, two major backers of early-stage companies.
Zapp’s fundraising has yet to close but could be announced as soon as next month, they added.
The company’s valuation is unclear.
Prior to this Series B round, Zapp had raised $100m in funding.
Securing such a substantial pool of capital would underline the land-grab taking place among a cluster of start-ups which have launched in Europe in recent years.
They include Getir, Gorillas and GoPuff, all of which have built an international presence through launches and corporate acquisitions.
Zapp, which has been advised by JP Morgan, the Wall Street banking giant, on its funding round, was founded in London by Joe Falter and Navid Hadzaad.
Rivals include Getir
It promises to deliver grocery and other essential items to customers’ doorsteps within 20 minutes, and operates around the clock.
Zapp operates its own dark stores, which exist solely to fulfil online orders, in affluent London areas including Chelsea, Fulham, Hammersmith and Notting Hill.
Other so-called Zappstores – locations from which customer orders are picked – are located in cities such as Manchester and Amsterdam.
Last summer, it struck a deal to back the Champions’ League winners, Chelsea, as part of efforts to differentiate itself in an intensely crowded market.
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Source : skynews
