It has seen accelerated changes due to the effects of COVID-19, which has created a paradigm shift in consumer behaviour. Consumers are increasingly looking for instant gratification of their grocery needs, in contrast to the inefficiencies of the traditional offline grocery shopping experience.
According to McKinsey1, online grocery channels grew 55 per cent on average across Europe during the pandemic. GlobalData2 expects that the online food and grocery market to grow significantly at 20% compound annual growth rate (CAGR) from 2021 to 2023. On top of which, the whole food and grocery market is forecast to grow at a CAGR of 5 per cent over the same period.
Founded in May 2020, Gorillas is one of the leading European platforms for instant on-demand grocery delivery. It is redefining 'quick-commerce' – the promise of delivering everything fast and affordably– by making deliveries within minutes at retail prices, utlising hyper-local warehouses. In just over a year of inception, Gorillas has successfully expanded its 2,000 SKUs to 60+ cities across 9 countries while operating 200+ warehouses and employing 14,000 people. It delivered more than 10 million orders in 20213.
Gorillas’ mission is to create a world where people have immediate access to their needs, and in doing so, to shape new grocery consumer behaviour. It is backed by a group of marquee strategic and institutional investors including Delivery Hero, Coatue Management, DST Global and Tencent. Notably, Tencent has backed other successful online grocery delivery platforms in China, such as Miss Fresh.
The investment was made via a Macquarie-managed entity.
Head of Technology Capital, Macquarie Capital Principal Finance