The quick commerce app tapped investors to fuel its expansion outside its footholds in London and Amsterdam.
Zapp has raised $200 million to expand internationally its network of couriers shipping groceries and staples from neighborhood"dark stores".British delivery app Zapp has raised a $200 million funding round to fuel expansion outside its footholds in London and Amsterdam.
Zapp cofounder Joe Falter said the app planned to expand to new “mega cities” like London, or Amsterdam, where there is a demand for bike couriers shipping beer, snacks, and more expensive essentials like iPhone charging cables. Falter and his cofounder Navid Hadzaad’s focus on just a handful of locations has contrasted with rivals Getir, Gorillas, and Flink that have raced to expand to new cities and countries in Europe over the last 18 months.
“We don’t want to launch 100 cities around the world, we would rather focus on cities where there’s a very strong consumer behavior around convenience, and where we can build the infrastructure such as our distribution center in London,” says Falter. “We need to know there are consumers that value our service and are prepared to pay for it.”
The round was led by Lightspeed Venture Partners, 486 Capital, Broadlight Capital and was also joined by Formula One driver Sir Lewis Hamilton. The app had earlier raised around $100 million from existing investors but this amounts to a fraction of the capital raised by its European rivals Getir, which attracted $1.
That lead wasn’t a concern for Zapp, which only expanded to Amsterdam six months ago, according to Falter. “This is not a land grab and we have proven that before,” says Falter. “If you look at our expansion in the Netherlands...we were the third, or fourth player, and quickly have taken a dominant position off the back of our customer experience.”
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