Jinn, the on-demand delivery app, has managed to rake in $10 million in a Series B round led by STE Capital, a family investment office. Also participating in the round was existing investor Samaipata Ventures, a Spanish VC firm with a focus on the e-commerce space.
Jinn is an app that lets you order anything for local delivery, and it is not just restricted to food. Users can trawl through the location-based app for items they want, or they can simply enter their request in a free-form text field. The startup will then deploy one of its self-employed couriers to go to the store, purchase the item and deliver it to you. Something that sets it apart from competitors is that it is a 24×7 service, thus making it very popular with students.
Based in London, it was co-founded by Spanish entrepreneurs Leon Herrera, Joseba Mendivil and Mario Navarro, and reportedly has 5,000 couriers registered on its platform, with 1,000 of these actively working on a monthly basis. This latest round brings its total raised to date to $20 million, which is notably lesser than that secured by some of its competitors. It is, therefore, planning to use this new inflow of funds to grow, expand, and really secure its position in the main markets.
This presumably means concentrating on the places and areas where Jinn is already a hit, rather than a bid at global expansion. According to the company, it also has “positive contribution margins” in all markets and expects to be profitable next year. It is interesting to note that it recently crossed 1 million completed deliveries since its launch in late 2014.
Today’s raise follows from Jinn having closed a $7.5 million Series A in April 2016.