Berlin based online food-delivery company Delivery Hero SE (ETR: DHER) announced having invested a minority stake of $235 million in fellow Berlin based grocery delivery company Gorillas. This deal comes at a time when companies are striving hard to dominate the rapid growing delivery service sector.
This deal means that Delivery Hero now owns 8% of in Gorillas which currently operates 180 warehouses distributed across nine countries. The company has also earned the coveted unicorn status.
Back in March, Gorillas held its last financing round fetching over $287 million in which notable investors like Tencent Holdings Ltd. (HK: 0700) and tech focused investment management company Coatue Management.
According to the chief executive officer of Delivery Hero, Niklas Oestberg, Gorillas currently sits on a pre-money valuation of $2.1 billion.
“Delivery Hero is on a mission to advance quick commerce globally, and we see Gorillas as one of the leaders in Europe and the U.S,” added the CEO.