Venture Capital: 15-Minute Delivery Startup JOKR Raises $260M Series B
The round valued Jokr at $1.2 billion.
New York-based instant grocery delivery startup JOKR has become a unicorn within nine months of its launch and raised a $260 million Series B within five months of raising $170 million via Series A in July. The latest round included existing investors GGV Capital, Balderton and Tiger Global. New joiners included Activant Capital, Greycroft, G-Squared, HV Capital, Kaszek, Mirae Asset, Monashees and Moving Capital. (TechCrunch)
Investors have been drawn by the high growth rates posted by JOKR, with GMV growing 15% on average every week. Meanwhile, customer retention is also strong with more than half of new customers drawn in organically.
Ralf Wenzel, founder and CEO of JOKR, makes no secret of his ambitions to turn JOKR into the next Amazon. “We are true believers in the fact that the world needs a new Amazon, a better one, a more sustainable one, one that appreciates local areas and products,” he said at the time of the Series A raise.
From nine cities across Latin America and Europe in July, JOKR now serves 15 cities including in the US, delivering thousands of grocery items within 15 minutes out of 200 dark stores.
JOKR will use the new funds to expand operations within its existing serviced areas, as well as to bring new cities into its fold – such as in Brazil, Mexico, Colombia and Chile in Latin America, and in the US.
The startup will also invest in marketing, data science and technology to boost customer acquisition and growth in market share. The online grocery sales market is anticipated to account for 20% of the US grocery market by 2026, according to TechCrunch.
Achieving carbon neutrality in its processes by the end of next year is another priority.
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