Uber will acquire a majority stake in Cornershop, a Mexican on-demand delivery platform, in its first disclosed startup investment in Latin America, subject to regulatory approal. Mexican regulator Cofece nixed Walmart’s US$225m acquisition of Cornershop earlier in 2019, in what would have been the largest VC-backed exit in Chile or Mexico. Cornershop investors include ALLVP, Accel Partners, Creandum, Grupo Bimbo Family Office, Endeavor Catalyst, Jackson Square Ventures and others.
(Press Release) Uber Technologies, Inc. (NYSE: UBER) today announced an agreement to acquire majority ownership of ALLVP’s portfolio company, Cornershop, the largest on-demand grocery platform in Latin America.
The transaction is subject to regulatory approval in Mexico and Chile.
Uber has been expanding to new services with its mission to become the operating system of everyday life. With this partnership, Cornershop can access millions of consumers on the Uber platform as the company embarks on its quest to launch several new markets over the next year.
“Oskar, Daniel, and Chaq have built one of the best software companies in Latin America with close to flawless execution. Can’t wait to see this partnership develop together with Uber in Latin America and beyond.” commented Federico Antoni, Partner of ALLVP and board-member of Cornershop.
ALLVP was the first institutional investor of Cornershop and led the seed round in July of 2015 and has participated in every round ever since.
“In 2015 we started Cornershop primarily with the Latin American market in mind and we couldn’t be more excited to work with Uber to help us take that mission much further.” said Oskar Hjertonsson, Founder and CEO, Cornershop
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Cornershop was founded by friends Oskar Hjertonsson, Daniel Undurraga and Juan Pablo Cuevas in 2015. Headquartered in Santiago, Chile, Cornershop delivers millions of avocados to happy customers in Mexico, Peru, Canada, and Chile. The company is backed by Accel, ALLVP, Creandum, JSV, and Capital Mazapil along with a group of angel investors from more than 10 countries.
ALLVP is Mexico’s leading venture capital firm founded in 2012. ALLVP has $150M under management and has invested in over 30 technology companies across Latin America. Some of ALLVP investment includes Fintual (LatAm’s Wealthfront), Slang (B2B Edtech) and Flat (Property Marketplace).