The Oetker Group has agreed to buy German drinks delivery startup Flaschenpost. The German food giant will pay €1 billion (around $1.16 billion) for the company, according to Deutsche Startups. The deal will provide an exit for investors including Tiger Global, Cherry Ventures and Vorwerk Ventures, who have poured €70 million in total into the business since its launch in 2016, according to PitchBook data.
The acquisition will bring another beverage delivery service into Oetker's beer and nonalcoholic beverages unit, Radeberger Group, which also operates Durstexpress. Flaschenpost is active in 23 German cities, recording over 2 million orders a year via its app. It promises delivery within two hours without a fee and reportedly generated sales of €27 million in October.
The pandemic and subsequent stay-at-home orders have driven strong demand for delivery services, prompting more consolidation in the sector. Last week, Nestlé acquired meal delivery startup Freshly in a deal valuing it at $950 million. Over the summer, Just Eat Takeaway took over Grubhub for $7.3 billion, and Uber announced an agreement to buy Postmates for around $2.7 billion.