Lewis Hamilton has splashed out on a new investment while his future in F1 remains up in the air following a controversial end to the 2021 season. Lewis Hamilton has invested in a new rapid grocery delivery start-up worth up to £150m. The company, called Zapp, will allow customers to purchase snacks, drinks and essential items, which will be dispatched from small warehouses built with the sole purpose of preparing online delivery orders.
The app promises delivery times of as little as 20 minutes. This is very similar to Turkish grocery delivery service Getir, which is currently available in 12 UK cities and has grown in popularity over the last several months. Zapp will also compete against the likes of German delivery firms Gorillas and Flink. However, the company claims it is different from its competitors, as the app offers a digital alternative to a convenience store,
rather than an online version of a supermarket such as Tesco or Sainsbury’s. Zapp raised significant funds due to financial backing from companies such as Lightspeed Venture Partners, 468 Capital and BroadLight Capital, and of course the investment from the seven-time F1 champion. Atomico, Burda and Vorwerk Ventures also took part. The London-based firm did not disclose their valuation nor did they reveal Hamilton’s size of investment.
The company is currently in operation in seven cities including London, Amsterdam and Paris. “With this new capital we will focus on achieving profitability in our existing markets as well as bringing Zapp to new customers globally,” Zapp co-founder Joe Falter said in a statement. “We don’t want to launch 100 cities around the world, we would rather focus on cities where there’s a very strong consumer behavior around convenience, and where we can build the infrastructure such as our distribution center in London.
“We need to know there are consumers that value our service and are prepared to pay for it. “We took a decision early on to acquire customers off a great experience rather than heavy incentives.” The businessman is confident Zapp will continue to grow, especially on the back of significant investments. “We feel very confident in our rate of growth and our trajectory towards breakeven but I would feel much more nervous if
I was one of the players that have created a business off the back of heavy vouchering, and didn’t have the unit economics to back it up,” says Falter. Since the interview he gave to Jenson Button in the immediate aftermath of last month’s controversial Abu Dhabi Grand Prix, Hamilton has been silent in the media and across all social platforms.