LatAm List – Jüsto, an online supermarket based in Mexico City, raised a $10M seed round led by Foundation Capital, just months after a pre-seed round of an undisclosed amount. Quiet Capital, Mountain Nazca, Vas Ventures, 500 Startups, and other funds and angels participated in this round.
The company was founded by former Cabify President Ricardo Weder and is the first supermarket in Mexico to operate with no physical stores.
Jüsto chooses to offer products from local suppliers and also prides itself in developing fair trade agreements with them.
Currently, the Mexican startup is focusing its efforts on Mexico City but plans to expand into other Mexican cities and other regions in Latin America including Brazil, Colombia, Peru, and Chile.
“We’ve seen that type of model of warehouse and D2C for groceries be very successful in other geographies,” said Foundation Capital Partner Rodolfo Gonzalez to Crunchbase. He added, “But that model didn’t quite exist in Mexico yet.”
Read more on Crunchbase.