London-headquartered Jinn , the same-hour ‘ shop on your behalf ’ delivery app that currently operates in the U.K. and Spain, has raised $10 million in further funding. It brings total raised by the company to a modest $20 million in comparison to other players in the on-demand delivery space.
Backing the round are family investment office STE Capital, with participation from Samaipata Ventures (the Spanish VC started by the founders of La Nevera Roja, the take-out ordering service sold to Rocket Internet) and a number of other previous investors .
Jinn says it plans to use the injection of capital to continue to grow and “consolidate its presence in its main markets”. I understand this to mean focusing on the geographies the startup is already seeing success, rather than necessarily expanding into new countries, and ensuring that more consumers in those locations are aware of Jinn’s brand and proposition. The company also says it has “positive contribution margins” in all markets and expects to be profitable next year. Jinn is attempting to turn every local store into a loosely connected warehouse powered by its courier network Similar to Postmates in the U.S. and local competitor Quiqup , which is backed […]