Uber acquires Cornershop at $3B+ valuation

LatamListUber Technologies acquired 100% of the Chilean grocery delivery startup Cornershop at a reported $3B+ valuation. Cofece approved the acquisition in December 2020.

The deal comes after a two year strategic partnership that included a $250M investment in a Series C. Cornershop has dominated the online grocery market in Mexico and Chile since it launched. It has since expanded into seven new markets, including the US and Canada.

ā€œWhen we met Oskar, Dani and Chad, it was obvious that they were destined for big things,ā€ said Federico Antoni, former Cornershop board member and co-founder of ALLVP.

ALLVP invested in the first funding round with $8M, and continued to support the company. ALLVPā€™s second fund will get a 5x return with this exit, one of Latin Americaā€™s largest VC exits to date.

ā€œThis transaction represents a huge milestone for our firm as we set out to support a new generation of Latin American founders. Our region is not only capable of minting unicorns, but delivering strong VC performance,ā€ said Fernando Lelo de Larrea, co-founder of ALLVP.

Read more on LAVCA.

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