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Getir has become Europe's first grocery delivery decacorn after reaching an $11.8 billion valuation following a $768 million Series E.

The ultra-fast grocery delivery space has attracted a wealth of venture capital since the beginning of the pandemic, with outsize deals and high valuations the norm, a trend that has continued even as coronavirus lockdowns come to an end.

In December, Germany's Flink reached unicorn status with a $750 million Series B after only seven months of operating. At the same time, US-based Gopuff reportedly raised $1.5 billion in a round that said to value it at up to $40 billion. Two months before, Berlin-based Gorillas raised nearly $1 billion at a $3 billion valuation.

The latest round for Getir, which is based in Istanbul, was led by Mubadala Investment Company. Other major investors in the Series E included Abu Dhabi Growth Fund, Alpha Wave Global, Sequoia Capital and Tiger Global.

The funding announcement comes on the heels of questions regarding Getir's indirect ties to a Russian oligarch. Late last week, Sifted reported that one of Getir's backers, Winter Capital, was partly funded by Putin ally Vladimir Potanin. The Russian firm holds a 0.45% stake, which it acquired during Getir's funding round last June. Winter Capital told Sifted that Potanin's investment fund Interros was not currently an LP.

"Funds from all over the world have invested in Getir over the past few years. Winter Capital, based in the EU, is one of those 17 investors," a representative for Getir told PitchBook, noting that the company's legal team is evaluating the situation. "If any sanctions are imposed involving Winter Capital, we will do the necessary adjustments."

Featured image courtesy of Getir

This article originally appeared on PitchBook News