- 3 September 2021
- Transport / Logistics Services
Arive, which delivers consumer electronics within 30 minutes, is the latest to get a multimillion Euro investment in the ultra-fast delivery venture capital bonanza.
Munich based Arive has raised €6 million in seed funding from 468 Capital, La Famiglia VC and Balderton Capital. It is working into a different area from the crowded convenience/hot food ultra fast delivery companies that have lately seen mega million € investments – it sells high-end consumer electronics.
According to Arive it works directly with consumer brands like Apple and Samsung to offer their products for on-demand delivery by bike within 30 minutes of the order being made.
The service started in Munich but has recently expanded to Berlin, Frankfurt and Hamburg. With its delivery offering within only 30 minutes (as much as 3x more time than some convenience deliveries new to the market) Arive doesn’t need as many dark stores as those in the convenience space. This keeps infrastructure costs down relative to those firms.
Maximilian Reeker, co-founder of Arive, said: “While the space for hyper-fast grocery delivery is increasingly crowded, we found the brands we love are still stuck in a three-day delivery scheme. For today’s time-poor consumers, this is too long.”
Bardo Droege, investor at 468 Capital, commented: “Our cities are dynamic, fast-moving places, and people living there want the tools and services that reflect their lifestyles so it’s no wonder the 15-minute groceries category has taken off so quickly. We’re confident the Arive team will take this on.”