Grabr Secures $8M in Funding
SAN FRANCISCO, CA, Grabr has closed an $8M Series A funding round led by Foundation Capital.
Grabr, the SF-based platform introducing a faster and more reliable way to have international products delivered straight to the consumer, today announced it has closed an $8M Series A funding round led by Foundation Capital with participation from Geoff Donaker, Former COO of Yelp, Matt Wyndowe, previously head of product partnerships with Uber, and Gokul Rajaram, product engineering lead at Square.
Since co-founders, Daria Rebenok and Artem Fedyaev, launched Grabr in 2016, the company has secured more than $14 million in venture capital funding. As part of this round, Charles Moldow, general partner at Foundation Capital, will join the company's board of directors. Prior investors include Founders Fund and SignalFire.
"By matching international shoppers with existing travelers to provide them with products from abroad," said Charles Moldow, general partner at Foundation Capital, "Grabr has created the first social logistics platform in the vein of AirBnB or Uber. The company has grown 5x since raising its seed round and we look forward to partnering with the team as they increase their presence in key markets."
With Grabr, shoppers have access to products that are widely unavailable or expensive in their home countries, and travelers can monetize extra room in their luggage to subsidize the cost of travel - earning on average $350 USD on their first trip - or often times traveling completely for free. With the help of one another, each gain access to an experience they otherwise couldn't, and the transformative experience of international travel becomes available to an entire population of people who may not otherwise afford it. With a community of more than 450,000 users, Grabr travelers have earned more than $1 million in personal delivery rewards from deliveries in 53 countries on six continents.
"We are thrilled Charles and the team at Foundation Capital share our passion for marketplaces that change and shift how people used to operate before," said Grabr co-founder and CEO Daria Rebenok. "We have created a new way for international travelers to fund their trips while providing a much needed service to consumers. Grabr's mission is to bring the world to your fingertips by creating a community of Shoppers and Travelers, where travel becomes more affordable and adventurous. Trust and security are the pillars of the Grabr mission: above all else, Grabr is committed to creating a community of like-minded people who believe in making the world more global, one purchase at a time."
The company will use the funds to launch major product updates and new features to improve the user experience and increase the number of ways travelers and shoppers can earn, and to enhance the team by hiring top talent from key businesses within the marketplace, community, and logistics sectors.
Founded in March 2015 by Daria Rebenok and Artem Fedyaev, Grabr promotes human connection internationally by introducing the world's most reliable, fastest, and most personal delivery platform. Grabr offers travelers an added sense of adventure, some extra cash, and a chance to meet new people, while buyers gain access to products that they otherwise couldn't buy. The only global, peer-to-peer delivery network to offer secure payments and an in-app messaging platform, Grabr has created a brand new category of social logistics.
About Foundation Capital
At Foundation Capital our guiding star is building significant businesses of lasting value. Among our portfolio of companies: we've helped Netflix revolutionize media distribution and consumption, Lending Club change the way money is lent and borrowed, and Sunrun reinvent the residential clean energy market. Our partners are former operators and entrepreneurs. They've successfully walked the path of the founder, and now help other entrepreneurs on their own journeys to create great, enduring companies.
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