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.

“When we met Oskar, Dani and Chad, it was obvious that they were destined for big things,” 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. ALLVP’s second fund will get a 5x return with this exit, one of Latin America’s largest VC exits to date.

“This 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,” said Fernando Lelo de Larrea, co-founder of ALLVP.

Read more on LAVCA.

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