JOKR Becomes a Unicorn After Its Series B Raise

JOKR, a fast-growing delivery company, has gained unicorn status following their most recent capital raise.

The company received US$260 million in a Series B round led by GGV, Balderton, and Tiger Global. Other participating funders include Activant Capital, Greycroft, G-Squared, HV Capital, Kaszek, Mirae Asset, Monashees and Moving Capital. This new capital gives JOKR a US$1.2 billion valuation.

The announcement comes just eight months after JOKR was created, and five months after a US$170 million Series A, which was also led by GGV Capital, Balderton Capital and Tiger Global.

With this investment, the company, based in New York with operations in the American continent, plans to increase their number of distribution centers. At the moment they operate 200 in 15 cities, including Mexico City and Sao Paulo.

They will also offer an enhanced version of their app for a more personalized experience of their product.

Recently, Germán Peralta, CEO of JOKR in Mexico and Colombia, told Contxto that the company was thinking of incorporating other types of products to their supermarket catalog, such as decoration and kitchen items. “We will probably go towards an e-commerce offer. As our founder (Ralf Wenzel) has said, we want to be an ‘Amazon on steroids.'”

Dark Stores and Fully Hired Delivery Workers, JOKR’s Growth Formula

With deliveries in less than 15 minutes, JOKR is looking to become the international leader in the grocery delivery category.

They have integrated their entire operation from product to delivery. In other words, JOKR does not solve the last-mile problem between large supermarkets and their consumers, but is itself a supermarket that specializes in hyper-fast home deliveries.

To achieve this, they depend on distribution centers strategically located in the cities where they operate. These centers function as dark stores; spaces well stocked and ready for the delivery person to pick up your order, speeding up the pick-up and delivery process.

In addition, this company has hired all its distributors. JOKR offers employment with employment benefits in an industry where delivery drivers often work independently and under an outsourced service scheme.

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