Yummy, the transportation, supermarket, and delivery startup founded in Venezuela has raised the largest investment round for a Venezuelan startup: $18 million in a series A.
Yummy was the first delivery startup in Venezuela created during the most aggressive period of restrictions of the coronavirus pandemic.
With this new injection of capital, Yummy’s total capital raised rises to $22 million. This Series A was led by Anthos Capital with additional participation from the JAM Fund.
The super app already processes more than 340,000 monthly transactions in Venezuela with a steady growth of 35% in the past four months. The network of drivers exceeds 5,000 operators in its delivery and carpool operation in 12 different cities.
“We are eager to go live in all the cities of Venezuela with Yummy Delivery and Yummy Rides, and continue our expansion in LatAm,” Vicente Zavarce, Yummy’s founder and CEO, stated to TechCrunch.
“We want to be a part of everyone’s daily life and put the local economy in the hands of our users, while creating a way to earn in US dollars for thousands of Yummers and drivers.”
The deep economic crisis that Venezuela has experienced, including its high inflation and scarcity, could be detrimental factors for any startup to raise capital in that country. However, Yummy has gone against all odds and successfully challenged this perception.
The startup will focus next on growing its business in Chile and Peru, where it already operates, and later expand to more parts of Latin America.