Berlin \u2014 The express deli\u00advery service Flink was on the verge of bank\u00adruptcy, and now 150 million euros are repor\u00adtedly flowing into the Berlin-based company as part of emer\u00adgency finan\u00adcing. Rewe and other inves\u00adtors injec\u00adted fresh capi\u00adtal into the company, as first repor\u00adted by Mana\u00adger Maga\u00adzin. To date, the round has been stee\u00adred by exis\u00adting inves\u00adtors, inclu\u00adding the US deli\u00advery service Doordash and the super\u00admar\u00adket chain Rewe. Rewe is also said to be leading the current finan\u00adcing with more than 50 million euros. In the process, the valua\u00adtion, which not long ago was 2.5 billion euros, has fallen consider\u00ada\u00adbly. As a result, inves\u00adtors now value the deli\u00advery service at only around one billion euros.<\/p>\n
Tension behind the scenes with Mubadala With the current funding, Muba\u00add\u00adala is unli\u00adkely to have been willing to provide further capi\u00adtal to Flink as a stan\u00adda\u00adlone company. The state fund is no longer invol\u00adved in the 150 million round.<\/p>\n Steady staff reductions<\/strong><\/p>\n It had alre\u00adady become appa\u00adrent during the take\u00adover of the Berlin-based adver\u00adsary Goril\u00adlas by the Turkish company Getir that the express deli\u00advery services would be facing diffi\u00adcult times after the end of the pande\u00admic. None of the provi\u00adders was able to deli\u00adver signals that they would soon be profi\u00adta\u00adble. Even massive staff cuts appar\u00adently did not bring suffi\u00adci\u00adent relief \u2014 accor\u00adding to rese\u00adarch by Mana\u00adger Maga\u00adzin, more than 8,000 employees at Flink alone are said to have lost their jobs in the past year.<\/p>\n Now comes another drastic step to cut costs. Nevert\u00adhel\u00adess, Flink CEO and co-foun\u00adder Oliver Merkel has appar\u00adently enti\u00adced inves\u00adtors to cut costs even further. Around one hundred of the appro\u00adxi\u00adm\u00adately 600 employees are to be laid off, as repor\u00adted by Mana\u00adger Magazin.<\/p>\n In order to make itself leaner for poten\u00adtial inves\u00adtors, Flink filed for insol\u00advency for its Austrian subsi\u00addiary at the end of 2022. At the time, the company explai\u00adned that the region would not be profi\u00adta\u00adble in the fore\u00adseeable future. More than 160 people \u2014 both drivers and office employees \u2014 lost their jobs at that time. Expan\u00adsion into other count\u00adries is not in sight. Instead of expan\u00adding, Flink emptied dozens of depart\u00adment stores in previous months and adver\u00adti\u00adsed on real estate portals.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Berlin \u2014 The express deli\u00advery service Flink was on the verge of bank\u00adruptcy, and now 150 million euros are repor\u00adtedly flowing into the Berlin-based company as part of emer\u00adgency finan\u00adcing. Rewe and other inves\u00adtors injec\u00adted fresh capi\u00adtal into the company, as first repor\u00adted by Mana\u00adger Maga\u00adzin. To date, the round has been stee\u00adred by existing [\u2026]<\/p>\n","protected":false},"author":2,"featured_media":48638,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wp_typography_post_enhancements_disabled":false,"footnotes":""},"categories":[886,1364,1365,1366,1369,1371],"tags":[],"class_list":["post-48640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-en","category-featured-en","category-private-equity-en","category-news-en","category-investors","category-deals-en"],"yoast_head":"\n
\n<\/strong>
\nOne of the most important share\u00adhol\u00adders is no longer invol\u00adved: the sove\u00adreign wealth fund Muba\u00add\u00adala from Abu-Dhabi was not only one of the major inves\u00adtors in Flink, but also one of the largest share\u00adhol\u00adders in its compe\u00adti\u00adtor Getir and would bene\u00adfit from a merger of its investments.<\/p>\n