Mobile Applications

Delivery App Jinn Raises $10M In Additional Funding

Jinn, the same-hour “shop on your behalf” delivery app, has raised $10 million in additional funding — bringing its total raised to $20 million.

According to TechCrunch, that total is modest in comparison to other players in the on-demand delivery space. Backing this round is family investment office STE Capital, with participation from Samaipata Ventures and a number of other previous investors.

London-based Jinn allows users to browse the app for items they want to purchase, or enter a request in a free-form text field. Then one of the startup’s self-employed couriers goes to the store, purchases the item and delivers it — with the service available 24/7.

Unlike Amazon’s Prime Now or Fresh services, Jinn is turning local stores into a loosely connected warehouse powered by its courier network, and one that is much closer to where consumers reside. The company also has around 1,000 official partnerships with stores, and customers who order from those merchants pay a significantly lower delivery fee.

Jinn said it plans to use the new round of funding to continue to grow and “consolidate its presence in its main markets,” which is currently the U.K. and Spain. The company also reported it has “positive contribution margins” in all markets and expects to be profitable next year. It recently surpassed one million completed deliveries since launching in late 2014.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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