Contxto – A budding online grocery startup from Colombia, Merqueo, just raised US$14 million during a Series A round with Portland Private Equity leading the way.
Portland Private Equity possesses over 20 years of experience strengthening emerging markets. Endeavor Catalyst, Mountain Nazca Colombia, as well as Velum Ventures participated in this round.
This new capital will allow us to keep growing and revolutionize the market. Our goal is to always offer the best service at the best price. This is just the beginning!Miguel McAllister, Merqueo’s CEO
Online grocery shopping is in
Food plays an integral part of any culture, but especially in Latin America. However, online grocery shopping is a phenomenon changing the way people consume goods and products.
This new industry is on the rise, made apparent by Walmart’s acquisition of Chilean-Mexican startup, Cornershop, last year. This transaction had a total value of US$225 million.
Well, Merqueo is well on its way to becoming one of the largest online grocery stores in the region. The young enterprise that started in February 2017 earned over US$1 million in sales over an eight-month period.
Merqueo raised over US$5 million within the first year of business. This was an impressive feat considering its short time in operations. Fast forward just two years to January 2019 and the company is wrapping up this multimillion investment round.
How does Merqueo work?
At the core of Merqueo’s business model is a determination to revolutionize the way society purchases groceries. Convenient prices and reliable home delivery are company standards, which in the process has enhanced the lives of more than 300,000 Colombians.
“Our dream is to offer Latin Americans a better quality of life by delivering their groceries directly to their homes at the lowest price,” said McAllister, whose company has four well-established warehouses that distribute goods throughout Bogotá and Medellín. “Purchasing products online shouldn’t be a privilege of a few people, it should be an alternative for everyone.”
While markets, street food
Personally, I enjoy going out to purchase