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Greek Startup Pop Market Moves into Rapid Food Delivery Sector

October 26, 2021

ATHENS — As more and more Greeks turned to supermarket delivery services during COVID-19 lockdowns, and are staying with it, the startup Greek company Pop Market has entered the sector, taking orders on apps and promising 15-minute delivery.

The company, said Tech Crunch, also has thousands of items for selection, including fresh fruits and vegetables but is going up against major Greek and foreign chains, some of which were late to get into offering deliveries.

The seed round, which Pop Market claims is the country’s largest seed raise to date, was led by Global Founders Capital and 468 Capital, the site said, reporting that the company raised $3.5 million in funding.

Despite the growth into the delivery sector, Greece’s food services market is said to be still growing for those who want goods brought to them, investors believing it has remained underserviced.

Pop Market cites data indicating that grocery retail in Greece was valued at 11.3 billion euros ($13.12 billion) but that analysts estimate that only 2 percent of that, some 163.3 million euros ($189.58 million) is online.

Some of that is said to be attributable to a “huge gap” between customer expectations and solutions in the market offer, as a result of poor customer experience (such as long delivery times, high prices and wrong or missing items).

Pop Market said it aims to take advantage of that with faster delivery, competitive prices and better service through a network of so-called city center dark stores – meaning warehouses where customers can’t go.

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