JOKR, the NewYork based grocery delivery startup turns into a unicorn.

• ByStartupStory     |    December 3, 2021

Less than six months after its last fundraise, 15-minute grocery delivery start-up Jokr has closed a Series B round of $260 million that values the company at $1.2 billion.

Jokr, led by Foodpanda founder Ralf Wenzel, operates in North America, Europe, and Latin America and launched in March of this year. It is one of several names that entered the instant grocery delivery space in the last year or so.

A bevy of investors has signed up to the Series B round including Tiger Global, Activant Capital, Balderton Capital, and HV Capital, among others. Jokr raised $170 million in July.

The latest investment will be used to focus on further developing Jokr’s presence in the US and Latin America where it has gained the most traction. It operates 200 hubs, where it stores and carries out deliveries of groceries from, in 15 cities. It plans to enter more cities in these regions and areas within cities that it already operates in.

According to the company, it is operationally profitable in some of the first cities it entered.

“Our customers in Latin America and the US love our instant delivery grocery offering, with GMV [gross merchandise value] having grown by an average of 15% every week,” Wenzel said.

“Today’s investment will enable us to continue delivering on our promise to create the ultimate shopping proposition.”

Alongside the market expansion, the company added in a statement that it plans to invest further in its software development, including its algorithm for predicting user purchases and preferences which informs the company’s inventory re-stocking and, it said, helps to reduce food waste.

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