Chile’s Cornershop Raises New Funding Round with Participation from Endeavor Catalyst
Cornershop, co-founded by Endeavor Entrepreneurs Oskar Hjertonsson and Daniel Undurraga, raised $6.7 million in investments for a Series A round with participation from Endeavor Catalyst. Cornershop is the leader in fast grocery delivery for Mexico and Chile. It has been operat
ing its on-demand grocery delivery service since July 2015 in Mexico City and Santiago.
The round is led by Jackson Square Ventures and ALLVP, with participation from Creandum, Accel, Endeavor Catalyst and other existing investors. Launched in 2015 by Oskar Hjertonsson, Daniel Undurraga and Juan Pablo Cuevas, the application allows customers to select products from stores offered in the customer’s area and choose a one-hour window for scheduled deliveries. On-demand orders are delivered in less than 90 minutes.
“Metropolitan areas such as Mexico City and Santiago de Chile have the perfect characteristics – consumer interest, geographic density, and sound infrastructure — to build and scale this service profitably,” added Federico Antoni from ALLVP, a leading early stage fund in Mexico, who will join Cornershop’s board of directors. “Cornershop has already built a solid operation from which it can now quickly scale to take advantage of the very large opportunity in the region.”
With over 60% of the population using smartphones, Mexican consumers are purchasing more and more items online. Last year, e-commerce surpassed $15 billion in sales and is expected to grow 25% annually until 2019. Spending in the Mexican grocery market alone is close to $200 billion dollars a year and less than 0.1% of that spending is done online.
“We’re excited to have more great investors join a strong team of investors and help the amazing people here at Cornershop. We have the right team, product and operational model to advance faster. So we’re going to roll up our sleeves, and focus on those everyday details and incremental improvements that make this business so much fun,” said Oskar Hjertonsson, co-founder and CEO.
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About Endeavor Catalyst
Endeavor Catalyst is the innovative co-investment fund of Endeavor, set up to invest exclusively in Endeavor Entrepreneur-led companies and to sustain Endeavor’s long-term operations in a mission-aligned way. Since launching in January 2012, Endeavor Catalyst has raised $35M in philanthropically donated and invested capital, and invested over $19M into 34 Endeavor companies in 14 countries. To date, Endeavor Catalyst has co-invested alongside a number of leading venture capital and growth equity funds, including Accel Partners, General Atlantic, NEA, Sequoia Capital and Tiger Global. Investments include Globant (NYSE: GLOB) in Argentina; Yemeksepeti.com (acquired by Delivery Hero) in Turkey and Ruma in Indonesia.