Growth capital to accelerate Jüsto’s continued momentum as a leading online grocer across Latin America
MEXICO CITY & NEW YORK, April 07, 2022--(BUSINESS WIRE)--Jüsto, a leading online grocer in Latin America with operations in Mexico, Brazil and Peru, announced today it has raised a USD $152M Series B investment led by General Atlantic, a leading global growth equity firm. New and existing investors Tarsadia Capital, Citius, Arago Capital, Foundation Capital and Quiet Capital also participated in the round, among others. Jüsto will leverage the new capital to fund its continued growth, including geographic expansion within Brazil, Mexico and Peru, as well as into new geographies in Latin America, in addition to supporting investments in its tech stack.
Jüsto was founded in 2019 by CEO Ricardo Weder as Mexico’s first vertically-integrated, online grocery platform with no physical store presence and has quickly become a leading, 100% online grocer in Latin America. Through its unique value proposition of high-quality fresh produce, consumers are able to buy their full basket of groceries online with a seamless experience. Throughout 2021, the company experienced 5x revenue growth as consumers continued to adopt online solutions. In late 2021, Jüsto launched operations in São Paulo, Brazil. The Company also acquired Freshmart, a leading Peruvian e-grocer, in October 2021.
With this growth investment, Jüsto will continue to focus on its expansion plan to transform – through technology and fair practices – the grocery industry in Latin America, a market that represents a USD $600B opportunity. Jüsto is committed to providing high-quality products, fair practices and new distribution avenues to suppliers while also offering competitive prices, lower transaction costs and improved convenience to consumers by eliminating intermediaries in the supply chain.
"We view this latest growth investment as a testament to our investors’ trust in Jüsto, our business model, our team and the exciting opportunity we are pursuing. We are fully committed to transforming the grocery industry in Latin America, and with this investment we are one step closer," said Ricardo Weder, Founder & CEO at Jüsto. "We are thrilled with our partners’ continued support and look forward to our next phase of growth in Brazil, Mexico and Peru and across Latin America more broadly."
Jüsto uses technology to improve the online and app-based customer journey and shopping experience. The company leverages AI to forecast demand and reduce waste levels at each of its micro-fulfillment centers, as well as proprietary software to manage, pick and deliver customer orders. Data analytics drive decision making around catalog, expansion and day-to-day operations.
"Latin America continues to rapidly develop as an emerging and exciting digital economy. We believe that Jüsto is tapping into this transition and providing Latin American consumers with a new, tech-enabled alternative that better serves their needs," said Luis Cervantes, Managing Director and Head of Mexico at General Atlantic.
"Jüsto’s continued growth across Mexico, combined with its expansion into Brazil and Peru, speaks to the team’s deep understanding of the evolving Latin American market," added Martín Escobari, Co-President, Managing Director and Head of Latin America at General Atlantic. "We believe Jüsto has a significant opportunity to drive further digital transformation across the region."
Since its inception in 2019, Jüsto has raised more than USD $250M. Jüsto is proud to promote a socially and environmentally responsible culture. Jüsto also contributes to its communities by offering a high-quality, broad range of products from both large consumer products companies, as well as from smaller local producers – helping to strengthen the economic activity of rural and semi-rural communities – at competitive and fair prices.
Jüsto is working to improve the lives of Mexicans and Latin Americans by providing them with a new generation of supermarkets. Jüsto designs, develops, and deploys the technology to support different processes within the company, from assortment and inventory management, to operations and logistics. Jüsto's business model is fully online—without physical stores—and delivers directly to the customer’s home. Jüsto saves its customers time and money. It also guarantees 100% fulfillment of orders, as well as a commitment to deliver the freshest fruits, vegetables, meats, and seafood. Jüsto offers a vast catalogue of products, both from top brands and local producers, all at competitive prices. Jüsto is building a more just and sustainable grocery model, empowering small and medium producers by giving them access to sell their products online. It also supports suppliers in establishing distribution processes and negotiating fair trade agreements for all parties. Learn more at www.justo.mx, https://soujusto.com.br/, www.freshmart.pe (Facebook, Instagram & TikTok: @justomx).
About General Atlantic
General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $84 billion in assets under management inclusive of all products as of December 31, 2021, and more than 215 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit the website: www.generalatlantic.com.
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Emily Japlon & Kate Huneke