Germany based start-up Flink has secured USD 52 million funds on 2nd March 2021 in a seed round led by Target Global.
Investors: The acquisition of USD 52 million funds took place in the seed funding round led by Target Global and previous investors like North zone, Cherry Ventures and TriplePoint Capital.
What the funding is for: The fresh funding would be utilized for the expansion of their reach all over the world. According to sources, the organization is also aiming to develop its prodigy management and user client interface.
Founders of the company: Christoph Cordes and Oliver Merkel
About the company: Flink is a privately held organization that mainly deals with various specialities like grocery management, food, and human resources operates under the industry. Its headquarters is based in Berlin, Germany and has a work strength of around 51-200 employees.
What the CEO has to say: “As noted, Flink is pitching itself very much as a grocery solution, similar to Dija and Gorillas, for example meaning that the real competition in the short term, at least is a traditional supermarket that does schedule delivery but is not typically on demand. However, delivering just in time fresh foods poses many logical challenges, such as the supply chain and ensuring you actually stock the products customers want when they want them. That is a slightly different challenge to focusing on convenience store items such as beer, chocolate, snacks, or cigarettes, which is original to the gopuff model.” — Christoph Cordes, Co-founder of Flink.
“Getting all your groceries and not only convenience items but also your fresh herbs, fruits and bread in less than 10 minutes is truly a wow experience. I am incredibly impressed with what the Flink team has achieved to date in this very fast-moving industry. I am not sure I have seen such a rapid growth or clean and statistical approach before. Their deep understanding of the core market dynamics is what will make them succeed.” — Oliver Merkel, Co-founder of Flink.
What the investors have to say: “We believe truly on-demand groceries can be made to work, including the unit economics but concedes it is a huge challenge logistically. But he also pointed out that the prize is potentially much bigger for whichever team can figure it out since grocery shopping can happen multiple times per week, and basket sizes can soon add up. Meermann is not convinced the same can be said of a pure convenience store offering, but of course, there is overlap between the two.” — General Manager at Target Global.
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