Online supermarket service Jokr has raised another $50 million in series D funding. The ultra-fast delivery company was founded during the pandemic in 2021.
It operates in Brazil and is now valued at $800 million after the last round of funding. In February, it was valued at $1.3 billion.
Jokr’s company history
The quick commerce company raised over half a billion dollars in five rounds since its inception. More than a year ago, Jokr withdrew its service from the US.
It told Bloomberg it will instead focus on growing the brand in Latin America. The company also cut 50 workers off its payroll as part of its restructuring.
The reason for its sudden departure from America was based on a “period of global economic uncertainty.”
Some 17 investors back the German-based company. Jokr acquired Plaz in May 2022. It took only eight months for it to become a unicorn.
Rise and fall of ultra-fast delivery companies
During the peak of the COVID-19 pandemic and strict lockdowns, ultra-fast delivery companies shot up like weeds. Many raised significant amounts of money quickly to fill a specific need to have groceries delivered to your door within 10 minutes.
Nearly four years later, many ultra-fast delivery companies folded, were acquired by another company, or resurfaced under a new name.
Joker was among the likes of Buyk, Fridge No More, and others, which closed in the US in 2021.
New valuation is ‘appropriate’
Founder and CEO Ralf Wenzel says the new valuation is appropriate and reflects the market condition. He told his LinkedIn network: “With this significant investment, we’re accelerating our path to profitability and fortifying our position in the vast and underserved Brazilian grocery market. We’re extremely grateful for the trust and support from new and existing investors.”
Wenzel says the funding and financial backing boost marks a “significant milestone.” He hopes to “redefine grocery shopping” and grow to become a leading online shop for the Brazilian market.
Growing the business
Wenzel believes the Brazilian grocery market will reach $80 billion by 2026. With Jokr pulling out of the US market, it’s narrowing its focus on Brazil.
According to TechCrunch the CEO says: “The combination of validation makes us believe that we are now in a framework and bandwidth that most likely represents the strength of our financial performance, relative to an adjusted overall market environment which has come down for the whole sector.”
This latest funding will help Jokr further focus on the Brazilian market, providing faster deliveries in under half an hour.
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