Who owns the biggest stake in Gorillas and what does a sale mean?

The beleaguered fast food unicorn gorillas could be acquired by Turkish competitor Getir, at a valuation far below the $2.1 billion price investors gave it Last year.

Acquisition talks, first reported by Bloomberg, follow months of rumors that Gorillas was seeking new funding. If Getir acquires Gorillas, the latter’s shareholders could collectively win $100 million in cash as well as shares worth 12% of the combined entity, reported the Financial Times on Tuesday.

With the deal set to value the gorillas at a significantly lower price than previous rounds, who stands to lose the most?

Sifted has analyzed documents from German credit agencies, which show Gorillas’ shareholding structure as of January 24 this year. These materials do not provide any information about which investors hold which class of shares or who might have preference in a payout.

Coated

US crossover fund Coatue, best known for its investments in Snap, Spotify and Doordash, is the largest shareholder, according to the documents, holding a 23.2% stake. That stake would have been worth $488 million a year ago when the company was valued at $2.1 billion.

Crossover funds like Coatue and others such as Tiger Global and D1 Capital, which previously invested in public companies before turning to venture capital, have fueled much of Europe’s private market boom in recent years. . Yet now they are pull back on seed investments as they struggle to deal with losses in their public portfolios.

This is bad news for private tech companies like Gorillas, which thrived on quick rounds at high valuations, but are now suffering from the downturn.

Atlantic Laboratories

Atlantic Labs, a Berlin-based pre-seed fund, was the sole investor in the Gorillas seed round. Atlantic is the company’s second largest shareholder, with a 12.6% stake, according to the documents. At a valuation of $2.1 billion, that stake would have been worth $265 million.

In addition to gorillas, Atlantic has unicorns like Chocolate (whose founder is an investor in Gorillas), GetYourGuide and Omio in his wallet.

The founder

Gorillas founder Kağan Sümer holds a significant 12.41% stake in his company. A year ago, when Gorillas raised a $1 billion Series C at a valuation of $2.1 billion, Sümer’s stake would have been worth $260 million.

A sale of Gorillas to Getir might not be the best scenario for Sümer, unless he has already taken some money off the table. Founders usually own common stock while investors own preferred stock. This means that in the event of a sale or liquidation, the investors receive the dividends first, while the founders (as ordinary shareholders) are paid last.

delivery hero

Food delivery platform Delivery Hero invested $235 million in Gorillas’ Series C round and took an 8.8% stake. At a valuation of $2.1 billion, that stake would have been worth $185 million.

At the start of the rapid grocery boom, investors speculated that mass market consolidation would take place in Europe, with larger food delivery players moving to smaller competitors – and c is what happened.

Last year, Getir (now worth $12 billion) acquired British company Weezy while DoorDash invested in Berlin-based Flink, which then bought French rival Cajoo. Gorillas has also played its part in acquisitions, acquiring French rival Frichti earlier this year – but now it could be taken over by Getir, which pioneered the fast-food grocery model in the first place.

g Squared

G Squared, an American company that has previously backed companies like Uber, Airbnb and Alibaba, owns 7.5% of Gorillas. It would have been worth $157.5 million in the Gorillas’ final round.

Tencent

Chinese Tencent has invested in Gorillas in Series B and C. It has a 7% stake in the company. It would have been worth $147 million this time last year. Tencent-backed companies like Tesla, Uber, Snap, and Discord in the past.

World Summer Time

DST Global, which has offices in the US, UK and China, has a 5.8% stake in Gorillas. A year ago, it would have contained a paper worth $122 million.

DST was founded by Yuri Milner, an Israeli-Russian billionaire who announced this week that he had renounced his Russian citizenship. Some of DST’s previous bets include Meta, ByteDance, Stripe, and Alibaba.

Sifted reached out to each investor for comment. The gorillas declined to comment.

Freya Pratty is a reporter at Sifted. She tweets from @FPratty and writes our newsletter on climate technologies You can register here.

Miriam Partington is Sifted’s DACH correspondent. It also covers the future of work, co-authors Sifted Startup Life Newsletter and tweets from @mparts_

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