British Formula One driver Lewis Hamilton has backed rapid grocery delivery start-up Zapp as part of a larger $200 million investment in the company, stated recent reports.
The London-based firm said today (28) that it has raised fresh investment funding in a Series B funding round led by venture capital firms Lightspeed Venture Partners, 468 Capital and BroadLight Capital. Existing investors Atomico, Burda and Vorwerk Ventures also took part.
Zapp did not disclose its valuation, and declined to comment on the size of Hamilton’s stake.
Founded in 2020, Zapp’s service lets people buy snacks, drinks and essential items from so-called “dark stores,” small warehouses built with the sole purpose of preparing online delivery orders. The app promises delivery times of as little as 20 minutes.
Last year, Zapp opened a 25,000 square foot distribution center in London to keep goods flowing to its dark stores.
Zapp is one of many upstart retailers in Europe competing for shoppers’ wallets with the promise of superfast delivery. It’s competing against some well-funded rivals, including the Turkish company Getir and German firms Gorillas and Flink.
“With this new capital we will focus on achieving profitability in our existing markets as well as bringing Zapp to new customers globally,” Zapp co-founder Joe Falter said in a statement.
The involvement from Hamilton marks a rare start-up investment from the F1 racing star. The Mercedes team driver has won seven World Drivers’ Championship titles, holding a joint record with retired German driver Michael Schumacher.
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