GetFaster.io

GetFaster.io is a German express food delivery service. It was founded by Dmitry Bergelson, ex-business development director of the Pyaterochka retail chain, as well as entrepreneurs Anton Zakharov, Georgy Skalsky and Kirill Solonitsyn.

History

2021

Receiving €7.5 million investment

Startup GetFaster, which operates in a soft discounter format with fast delivery, raised more than $1 million investments from a venture capital investors club Angelsdeck as part of a €7.5 million seed round. This became known on November 19, 2021. The money will go to territorial expansion, the growth of the client base and the development of the assortment. Other participants in the round include, AltaIR St. Nicholas Trust,, and Raison Asset Management a number Fores Ventures of other institutional and private investors.

In its nine-month run, GetFaster increased coverage to 44 cities while maintaining weekly growth at 10%. The company's goal is to become a leader in the mass market for fast grocery delivery, Germany covering all German cities with a population of 25,000 or more, as well as smaller cities in close proximity.

In just 10 months, we fully validated all the key hypotheses. In particular, typical German families switch to ordering a weekly online grocery basket through GetFaster and stay with us. Secondly, consumption in large and small cities through GetFaster does not differ from each other, while in other segments we notice a significant difference. In addition, we managed to build an effective supply system and achieve a very high gross margin. We were able to achieve a high level of efficiency both in terms of expansion and order service. As a result, already in August 2021, we received a positive unit economy of regular orders, - said Dmitry Bergelson, co-founder and development director of GetFaster.

The GetFaster deal has all the signs of a high-quality venture deal for the Angelsdeck club: the growth potential is due to the large food market in Europe (Germany) and the aggressive dynamics of the project, and the peculiarity is that it is almost impossible to enter such companies with small checks at the current stage of development and assessment. The interest in this investment opportunity on the part of the club members exceeded the initial allocation by more than two times, but we managed to agree on expanding the slot for AngelsDeck. As an early investor in the project, I am very pleased with the opportunity to continue partnership with the project and do it in the company of like-minded members of the club, "said Andrei Vyshlov, member of the AngelsDeck club, head of the AngelsDeck representative office in London and syndicator of the transaction.

Attracting 1.5 million euros of investment

logo in 2021

On May 19, 2021, it became known that the company had attracted GetFaster.io investments in the amount of €1.5 million. Most of the funds were invested by the AltaIR Capital fund Igor Ryabenky. Investment funds S16 Angel Fund, Bramos Capital, Brayne and Optimum Strategy Capital also took part in the pre-seed financing round.

GetFaster.io co-founder Dmitry Bergelson said in a conversation with RBC that the funds raised will be used to open new warehouses, marketing campaigns, develop logistics and IT infrastructure, and expand the team.

According to Bergelson, the company plans to raise another €30 million by the end of the summer of 2021 "for aggressive access to new territories," developing the assortment, increasing the profitability of operations and improving infrastructure. The goal of the company is to achieve revenues over €2 billion in four to five years.

Founded by the former Pyaterochka top, the grocery delivery service in Germany GetFaster.io raised €1.5 million

Key elements of the GetFaster.IO strategy for May 2021:

• 100% focus on the German market
• Flexible operating and logistics model - allows you to serve more than 60% of German households in cities with a population of 25,000 or more
• Focus on the mass market - allows you to become the first choice store for buying daily consumption products at affordable prices

The GetFaster.IO strategy is fully aimed at the German market. This makes it possible to form a competitive position, significantly increase the efficiency of category management, logistics, marketing.

GetFaster.io launched delivery from the first darkstore in Dusseldorf in January 2021, and by May 2021, the service operates in nine German cities, including Dusseldorf, Essen and Berlin, delivering up to 360 orders a day. Depending on the address and wishes of the buyer, the order is delivered in half an hour, one and a half or two hours, or by a certain time.

For 4 months, the company managed to achieve almost 20% of the share in household spending of its customers on food with an average check of about €30 and the frequency of orders about three times a month. Almost a third of GetFaster.IO shoppers are over 45 and one in six are under 24.

The range of the service for May 2021 includes more than 1,500 items, including groceries, fresh dairy products, meat and fish, bread and pastries, drinks and other consumer goods.

According to GetFaster.io representatives, the online retail market is one of the most promising business areas in the world. Germany, despite the first line in the European food market, does not yet have developed delivery services.^[1][2]

GetFaster plans to raise additional capital as part of the seed round by the end of summer 2021. The goal of the company is to achieve revenues over €2 billion in 4-5 years.

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