An on-demand grocery startup founded less than two years ago has raised $200 million (£150 million) to accelerate its growth in the cut-throat market.
Zapp, which launched in late 2020, has attracted investment from top tech funds, Singapore’s sovereign wealth fund, and Formula One champion Lewis Hamilton.
The start-up is part of a growing number of “quick commerce” companies vying to win a share of Londoner’s wallets in the post-pandemic era. Zapp promises to deliver grocery and convenience store items to your door in as little as 10-minutes. It has a network of “dark stores” across the capital that allow it to deliver at such speed.
Steve O’Hear, Zapp’s head of strategy, said the company’s sweet spot was “last minute socialising or life savers such as over the counter medicine or nappies at 2am.”
Despite being founded so recently, the company has grown rapidly and is now reportedly on track for annual revenues of $50 million. It operates in London, Amsterdam and Rotterdam.
O’Hear said the fresh funds would go…
