Fast-delivery retail startup Jokr raises $ 170 million from investors

  • The funding round comes four months after the launch
  • Series A Tour led by GGV, Balderton and Tiger Global
  • Jokr lives in seven countries in the Americas and Europe

BERLIN, July 20 (Reuters) – Jokr, the fast-delivery retail platform from German e-commerce pioneer Ralf Wenzel, which has been launched in seven countries since launching just four months ago, said Tuesday raised $ 170 million from investors to stimulate growth.

Delivery veteran Hero (DHER.DE) and Softbank (9984.T) has called the company “Amazon on steroids” and, with revenue doubling every two weeks, is on a high-speed mission to bring 15 minute delivery to the Americas and Europe.

“We really think the world needs a new Amazon,” Wenzel told Reuters. “There is an opportunity to create a faster Amazon, a more personalized Amazon, a more sustainable Amazon, and a more local Amazon.”

The exceptional Series A funding round was led by Silicon Valley investor GGV Capital, London-based Balderton Capital and prolific Tiger Global Management.

Tiger Global, which participated in Jokr’s roundtable earlier this year, has also supported fast-commerce startups, including Getir and Wolt. Read more

Venture capital lavished on fast-commerce startups seeks to capture a radical shift in spending habits as people increasingly order through a smartphone app and take delivery in less time than it takes to order. get to the local store.

Wenzel said the typical new Jokr customer would only buy one or a few items to try out the service. Many, in a short period of time, are replacing their traditional grocery store by placing several larger orders per week.

“We have grown much faster than we thought, but the rapid growth was not due to a burnout or large discounts,” Wenzel said in an interview.

“The rapid growth was supported by strong organic momentum – very strong word of mouth, very high retention rates, very strong adhesion.”

By acting as a retailer rather than a market, Jokr can directly order more goods – cutting out middlemen and realizing strong margins, meaning that its first locations are already breaking even on a cost basis. fully charged costs.

On the American continent, Jokr is now present in New York, where it is headquartered, as well as in Sao Paolo, Mexico City, Bogota and Lima. In Europe, it was launched in Warsaw and Vienna – avoiding higher-cost markets like London and Paris – with more deployments to come.

“We are already in a position to show investors that this is not just a high growth company, but also a company that we are able to manage effectively,” said Wenzel.

Reporting by Douglas Busvine Editing by Mark Potter

Our Standards: Thomson Reuters Trust Principles.

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