Jokr Valued At $1.2 Billion In Latest Bumper Grocery Delivery Round
Summary
Less than six months after its last fund raise, 15-minute grocery delivery start-up Jokr has closed a Series B round of $260 million that values the company at $1.2 billion.Jokr, led by Foodpanda founder Ralf Wenzel, operates in North America, Europe and Latin America and launched in March of this year. "Our customers in Latin America and the US love our instant delivery grocery offering, with GMV [gross merchandise value] having grown by an average of 15% every week," Wenzel said. "Todays investment will enable us to continue delivering on our promise to create the ultimate shopping proposition. "Alongside market expansion, the company added in a statement that it plans to invest further in its software development, including its algorithm for predicting user purchases and preferences which informs the companys inventory re-stocking and, it said, helps to reduce food waste. "The Jokr teams experience in scaling high-growth businesses and their efficiency in execution set the company apart in its ability to simultaneously deliver a great consumer experience and rapid expansion," Hans Tung, managing partner GGV Capital, one of the rounds investors, said.