As a company that promises to deliver anything the consumer wishes in under an hour, Jinn appears to have applied this need-for-speed to its own growth strategy. Since its inception in January 2013, it has advanced rapidly, completing six fundraising rounds totalling £14.7m. The largest of these occurred last week, raising £7.8m from, amongst others, Samaipata Ventures, a Spanish fund that has previously invested in startup OnTruck, which – similarly to Jinn – operates in distribution.
Jinn currently operates in six cities in England and Scotland, and has recently expanded in to Madrid, Spain. As of its previous funding round last April, which saw participation from Elderstreet Investments as well as Samaipata, Jinn was worth £12.6m.
Earlier this year the London-based company was at the heart of discussions around the UK’s fast-growing gig economy and associated low wages, as employees within Jinn’s distribution network are contractually classified as self-employed, thereby removing a minimum wage obligation from their employers.