Mexican grocery delivery start-up Jüsto has secured $65 million in funding, marking what it claims is the largest Series A round raised in Latin America.
The round was led by equity firm General Atlantic, with participation from existing investors including Foundation Capital and Mountain Nazca.
Founded in 2019, Jüsto was one of Mexico’s first vertically-integrated online grocery platforms with no physical store presence. The company offers a broad range of products from both large consumer product companies and smaller local producers.
Jüsto plans to use the capital to fuel its geographic expansion across Mexico and Latin America, as well as to enhance its last-mile logistics infrastructure and marketing initiatives.
Since its inception, the company has raised more than $100 million including a $27 million seed round last year led by Foundation Capital and Mountain Nazca. According to Jüsto, its revenue grew by 16-times in 2020.
“Our mission at Jüsto is to become Latin America’s favourite supermarket within the next decade. We strongly believe that this vision, combined with our expertise in technology, logistics, and customer service, will lead to an even more seamless, more affordable online shopping experience for our consumers,” said Ricardo Weder, founder and CEO of Jüsto.
He added: “We are beyond thrilled to take our vision to the next level alongside General Atlantic and look forward to harnessing the firm’s global resources and expertise in consumer businesses and technological enablement to aid Jüsto in meeting the rapidly-growing demand for our services.”
Jüsto marks General Atlantic’s fifth investment in Mexico since 2014, when the equity firm first entered the country.
Luis Cervantes, managing director and head of Mexico City at General Atlantic, said: “Mexico is at an inflection point in its transition to a digital economy, and we see Jüsto as leading the way in the high-growth online grocery space with its technology-centric, mission-driven approach.
“Under Ricardo’s leadership, we believe Jüsto is positioned for significant expansion as it disrupts and transforms the legacy grocery value chain.”
As part of the transaction, Luis Cervantes and Zeev Thepris, vice president at General Atlantic, will join Jüsto’s board of directors.
© FoodBev Media Ltd 2021
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