(Bloomberg) --
German express delivery service Gorillas Technologies GmbH will pursue a “disciplined” approach on M&A while raising more than $700 million of new financing, Chief Financial Officer Elmar Broscheit said in an interview with Germany's Boersen-Zeitung.
Gorillas, which was valued at about $3 billion in a financing round in October, acquired French delivery startup Frichti on Friday. No financial details of that transaction were disclosed.
“Of course, we are constantly looking at M&A opportunities,” Broscheit said. “But we have a very disciplined approach there. An acquisition is always stressful for the organization.” The CFO reaffirmed that the company plans to raise “$700 million or more” in order to reach its profitability target.
Gorillas' workforce has grown from 400 in 2020 to about 14,000, Boersen-Zeitung said. Drivers delivering groceries and other goods account for the bulk of that, and the company is seeking “constructive dialogue,” with them after a recent strike, Broscheit told the newspaper.
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