MEXICO CITY, April 15, 2016 /PRNewswire/ -- Cornershop (www.CornershopApp.com), a Mexican-Chilean startup and the leader in fast grocery delivery for Mexico, has raised a $6.7 million Series A round of funding. The round is led by Jackson Square Ventures and ALLVP, with participation from Creandum, Accel, Endeavor Catalyst and other existing investors.
"What we find compelling in Cornershop is the strength of the experienced team combined with a massive market opportunity," said Greg Gretsch, managing director at Jackson Square Ventures. "Furthermore, Cornershop is already showing great early traction and solid customer loyalty metrics. We are thrilled to partner with the team on this exciting endeavor."
"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.
Cornershop is the leader in fast grocery delivery for Mexico and Chile. It has been operating its on-demand grocery delivery service since July 2015, in Mexico City and Santiago de Chile. Using the company's applications for iOS and Android, customers 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.
Cornershop was founded in 2015 by Oskar Hjertonsson, Daniel Undurraga and Juan Pablo Cuevas.
Cornershop Video: https://www.youtube.com/watch?v=zaEj0fIG5pA