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Accel and ALLVP bet on the future of grocery shopping in Latam by announcing a $21M Series B round led by Accel

May 10, 2017

 

ALLVP is pleased to announce its participation in Cornershop’s $21M Series B investment round, led by Accel Partners, along with Creandum, Jackson Square Ventures and other co-investors.

 

Cornershop is disrupting Latam’s grocery market with an unparalleled consumer experience based on its state-of-the-art platform that allows users to get their groceries delivered in less than 90 minutes. Its technology connects consumers to personal shoppers, dedicated to picking products from multiple supermarkets and to delivering them in record-time. All Series A investors participated in this round doubling down on their confidence on the founding’s team ability to succeed at creating and scaling their second regional startup. Accel Partners is an early backer of Facebook and an existing investor in Slack and Dropbox, Creandum is a leading European early-stage fund and investor in fast-growing technology companies such as Spotify and iZettle and Jackson Square Ventures is a VC firm focused on Series A financings for SaaS and marketplace with investments in DocuSign and Strava.

 

ALLVP has been working very closely with Cornershop on its development strategy and is proud to be investing in the utterly promising company for the 4th time, after leading 3 consecutive rounds of financing. The relationship between ALLVP and Cornershop exemplifies the fund’s long-term vision and strategy that seeks to maximize added-value for both parties. As Oskar Hjertonsson, co-founder and CEO puts it: “We love working with ALLVP. They have been part of Cornershop from the 6th month after launch on and the company wouldn’t be the same without them. They have deep experience in consumer products, a strong understanding of the Mexican market, and above all, they make us benefit from their huge network throughout the whole country.”

 

Cornershop’s solution is clearly meeting the demand’s expectations, as proven by its impressive traction in the very attractive $550Bn Latin American market. In Mexico alone, the opportunity is huge: grocery is among the fastest growing categories of purchase, currently representing over $180bn[1] in sales, while the smartphone penetration keeps increasing as technology becomes more affordable. Cornershop’s strategy, strongly focused on enhancing consumer experience through technology innovation has borne fruits. Its scalable proprietary tech platform, along with a consistent business strategy and established partnerships with leading grocery retailers (Chedraui and HEB, among others) has allowed the company to grow GMV by 400% in just a year. The company, which has demonstrated very high user engagement with impressive retention and frequency cohorts, is now focusing on its geographical expansion.

 

Federico Antoni, Managing Partner at ALLVP, sheds light on the immense potential of the company in the optimistic context of this new fundraising: “Cornershop’s business model holds testimony to the boundless opportunities within the on-demand space driven by the proliferation of technology and growing middle-classes in Mexico and Chile. Cornershop’s soaring repurchase rates and exponential growth since launching validates the Company’s business model and reflects the huge potential in furthering their customer acquisition throughout the region.”

 

[1] PwC, 2015, Retail Sector: Global and Mexican highlights of the Supermarket & Hypermarket industry.

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