Investment

Endeavor Catalyst supports Merqueo in its US$14M investment round

LatAm List –  Merqueo, the Colombian online supermarket, closed a new investment round worth US$14M from venture capital firm Portland Private Equity and Endeavor’s coinvestment fund, Endeavor Catalyst.

Founded by the same group of entrepreneurs who created Domicilios.com, Merqueo competes with other supermarket delivery companies like Cornershop and Mercadoni in changing the way people buy their groceries.

“This new capital injection will allow us to keep growing and revolutionizing the sector. Our goal is to always offer the best service at the best price. This is just the beginning of what we are building here,” explains Miguel McAllister, Merqueo’s CEO and Endeavor Colombia Entrepreneur.

Merqueo has changed the lives of over 300,000 Colombian households and has established itself as one of the key players in the sector. In 2018 Merqueo achieved US$20M+ in sales in its operations in Bogotá and Medellín, and currently has 400 employees.

“Purchasing products online shouldn’t be a privilege of a few people, it should be an alternative for everyone,” says McAllister.

Read more in this press release from Endeavor Colombia.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.