Mexico’s grocery delivery startup Jüsto launches in Brazil with $40 million investment
In February we covered Justo’s Series A round when the Mexico City-based FoodTech startup raised $65 million Series A funding to fuel its expansion into Mexico and Latin America. Justo had exponential growth of 800% in the last year in Mexico, thanks to the pandemic.
Today, Justo launched in Brazil with an initial investment of $40 million, the company said Thursday. The new investment brings the company’s total funding to over $100 million in funding. With the new capital infusion, Justo aims to reach a million Brazilians and generate between 3,000-5,000 jobs in the first two years.
“Brazil represents a huge opportunity, but also a great challenge due to the size and complexity of the local market, but I have no doubt that with the talent and passion… we will be very successful,” founder and chief executive Ricardo Weder said in a statement.
Jüsto was founded in 2019 by CEO Ricardo Weder as one of Mexico’s first vertically integrated, online grocery platforms with no physical store presence. Through its online delivery-only grocery store chain, Jüsto offers a wide range of fruits, vegetables, meat products, beauty products, and house supplies that can be delivered at every consumers’ doorstep.
Since its inception 18 months ago, Jüsto has developed into an emerging leader in the transformation of the digitally-enabled online grocery experience, powered by its cutting-edge technology and seamless purchasing platform. The business experienced significant acceleration over the course of 2020, with 16x revenue growth and positive traction across user retention, frequency, and average order value.
Unlike the traditional grocery chains, 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 catalog 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.
Currently, Jüsto operates in Mexico City, and the cities of Queretaro, Guadalajara, and Puebla.