LatamList – Jüsto, the Mexican online supermarket, raised a $65M Series A funding round led by General Atlantic. Existing investors Foundation Capital and Mountain Nazca also participated in the round.
Jüsto is an online supermarket that provides new distribution avenues to local suppliers at fair prices, eliminating the middle-man in the supply chain. The platform is 100% digital with no physical stores.
“Our vision is to transform the industry using technology, data, and fair practices so that it will be more agile and inclusive,” said Ricardo Weder, co-founder and CEO of Jüsto.
The global pandemic resulted in major growth for the company, which earned 16 times its revenue in 2020 compared to 2019. Furthermore, the grocery ecosystem represents a reported $325B in Latin America, and relatively few of the leading producers have an online presence.
“Jüsto was the first online grocer and the first not to use plastic bags. We want to help users make better decisions so that they can save money and have alternatives,” Weder continued.
As part of the transaction, General Atlantic executives Luis Cervantes and Zeev Thepris will join Jüsto’s board of directors. The startup will use the funding to improve operations, last-mile logistics, and technology, and to continue regional expansion in Latin America.
Read more on Crunchbase News.
