Gorillas, a German grocery and convenience item delivery platform, reportedly is raising $1 billion at a $2 billion pre-money valuation from backers like Delivery Hero.
Why it matters: This reflects how "legacy" delivery players are seeking access to instant, hyperlocal upstarts (i.e., the GoPuff model). That's why DoorDash was in talks earlier this year to back Gorillas, but reportedly is participating in a round for rival Flink at a $2.1 billion valuation.
- Other investors in Gorillas include Coatue, DST Global, Tencent, Atlantic Food Labs and Dragoneer.
The bottom line: "Gorillas is among a group of rapid grocery delivery services that’s gained traction over the past year as people spent more time shopping at home during the coronavirus pandemic. The company sells fresh produce and other items delivered from urban fulfillment centers to customers’ doorsteps within 10 minutes." — Bloomberg