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Merqueo, a digital supermarket that operates in Colombia, Mexico, and recently Brazil, received a US$22 million financing package from IDB Invest and Blue like an Orange. The former is the private investment arm of the Inter-American Development Bank, and the latter is a private investment firm focused on projects that deliver risk-adjusted returns and positive social impact aligned with the UN’s sustainable development goals.
According to IDB Invest in a press release, the financing includes US$4 million in mezzanine (a debt that, if not fulfilled, is transformed into equity interest, according to Investopedia) and US$18 million from Blue like an Orange. The financing aims to support the company’s expansion in Brazil and improve its technological platform.
IDB Invest emphasized that the transaction would help Merqueo foster job creation and purchases from local suppliers, especially SMEs.
According to Crunchbase, the Bogotá-based company has accumulated US$88 million in financing since its creation in 2015.