Jokr will use the funding to expand across the US and Latin America. Here are the top-line bullets you need to know:
Jokr, a 15-minute grocery delivery company, has raised $260M in Series B round that drew participation from Tiger Global Management, Activant Capital, Balderton Capital, GGV Capital, and Greycroft, among others.
HOW’S THE COMPANY PERFORMING?
- New York-based Jokr offers 15-minute grocery, convenience store, and pharmacy deliveries to consumers.
- The company reports that its gross merchandise volume is growing 15% week-over-week and that its customer retention rate sits above 50%.
- At present, it operates a network of 200 warehouse hubs across 15 cities, such as New York, Sao Paulo, and Mexico City.
Source: Jokr
WHY DOES THE MARKET MATTER?
- The global online food delivery market is expected to reach a value of $63.6B by 2025, growing at a CAGR of 15.4%, according to Grand View Research.
- Changing consumer preferences are contributing to growth in this market. For example, the demand for fresh food options and fast delivery has increased, particularly among millennials.
- Online delivery volume skyrocketed in the face of pandemic-related lockdowns, store closures, and social distancing protocols.
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