JOKR, a New York-based instant grocery delivery startup, has reportedly bagged an investment of USD 260 million in a Series B round. The new round brings JOKR into unicorn territory with a valuation of around USD 1.2 billion. This round comes following a Series A funding of USD 170 million that was initiated by Balderton Capital, GGV Capital, and Tiger Global Management.
These investors were all involved in this new round along with other participants like Greycroft, Activant Capital, HV Capital, G-Squared, Kaszek, Monashees, Mirae Asset, and Moving Capital.
The company plans to leverage the new capital into expansion within its current geographies, garnering more interest down the neighborhood level. It also intends to unveil in additional cities in Mexico, Brazil, Chile, and Colombia in Latin America as well as expand in the United States.
Apart from this, JOKR will emphasize efforts on acquiring new customers and growth with data science, marketing, and technology development, especially around supply chain and procurement.
Ralf Wenzel, the Chief Executive Officer and Founder of JOKR noted that the company was not initially planning to raise early investments as it had sufficient capital. Also, the company acquired all these investments in just eight months after its launch.
Since then, JOKR expanded in different countries and started garnering interest. Its investors intended to double down on the company’s healthy growth and it is now well-capitalized.
Wenzel did not reveal certain growth figures but did note that there has been significant growth in its gross merchandise volume with customer retention as high as 50% of its new consumers.
Since the last funding round, JOKR has released a new version of its app and product, providing a more curated and personalized experience as it shifts from exclusively providing convenience items. The company intends to attain carbon neutrality within its processes by 2022 end.