As it starts expanding beyond its online in Mexico City, the on-demand, online-only grocery store Jüsto has included another$5 million in early-stage financing. The brand-new cash came from Bimbo Ventures
, the strategic investment arm of one of the world’s biggest bakery companies( Bimbo), and Sweet Capital, the investment fund from the creators of King.com. Over the summer season, the business broadened its services beyond Mexico City to
Querétaro and saw explosive development, according to Jüsto co-founder and business spokesman Manolo Fernandez. With sales in the first week equaling what had taken the business 200 days to achieve in Mexico City, Fernandez stated it was an indication of the need for the company’s service across the nation. The$ 5 million top-up comes only a few months after Jüsto raised$ 12 million in funding from a
variety of widely known international and Latin American financiers, and shows just how robust the early-stage investment scene in Latin America is becoming. As the business expands it might want to engage in some joint ventures with delivery services in other countries to broaden its
footprint, according to Fernandez, however for now, the focus is on growing its footprint individually. The business will look to open operations in cities in Colombia, Peru and, potentially, Ecuador in the next year, Fernandez stated.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.