Merqueo raises $50M for online grocery delivery service

LatamListMerqueo, an online grocery platform, raised a $50M Series C funding round co-led by IDC Ventures, DigitalBridge, and IDB Invest. Other investors include MGM Innova Group, Celtic House Venture Partners, Palm Drive Capital, and Magma Partners.

Merqueo is a full-stack, online supermarket that sources produce directly from local providers to bypass intermediaries and provide a more efficient service. The platform offers more than 8,000 products, including fresh foods, packaged goods, home essentials, beverages, and frozen products.

CEO and co-founder Miguel Mc Allister also previously co-founded, and brought this experience to Merqueo. Mc Allister attributes the platform’s success to the speed and flexibility of its offers – users can choose how and when to receive their order, in as little as 10 minutes to three or four hours, according to their needs.

“The pandemic accelerated the adoption of online grocery shopping in LatAm,” said Mc Allister. “The region went from 0.3% share of online groceries to 1% […] we are seeing a 50% increase in the pace of user adoption.”

The platform operates in more than 25 cities across Colombia, Mexico, and Brazil, and has over 600,000 users. The new funding will enable further expansion across the region, specifically in Brazil with three new cities.

Read more on TechCrunch.

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