One of the biggest players in the instant grocery space is raising a big round of funding to meet the demand, and it's GoPuff.
The funding is being structured as a convertible note from Guggenheim Partners. Other investors aren't being disclosed. The size and nature of the raise, as a convertible note, is a strong indicator that this is a round being raised ahead of a liquidity event for Philadelphia-based GoPuff, most likely an IPO that could happen as soon as mid-2022.
The funding process was flagged to us by the Prime Unicorn Index. The value of the raise and the valuation are the highest amount indicated in the filing.
GoPuff has a couple of other events coming up. We broke the news that the company raised $1 billion at a 15 billion valuation, and then in November, the company launched in London, with plans to expand into Europe.
We have confirmed with sources on both sides of the deal that GoPuff had made an offer to acquire Flink out of Germany, another instant grocery player.
According to sources, the deal didn't happen because of differences of opinion on valuation and general appetite for acquisition. This big funding round underscores GoPuff's intentions and attentions.
There are so many strong instant grocery players in Europe that there will continue to be a number of options.
