Grocery delivery service Jokr raises a new round at $1.2 billion valuation, with backing from Tiger Global, GGV, and other investors
The ultrafast grocery delivery space is increasingly crowded and competitive.Jokr said it raised $260 million in a new funding round that values the ultrafast grocery delivery service at $1.2 billion.
The round featured many of Jokr's previous backers, including Tiger Global, GGV Capital, and Activant Capital. New investors in this round include G-Squared, Mirae Asset and Moving Capital. Softbank's Latin America Fund also invested in the company's seed round. Rather than using the new funding to buy out some of the existing smaller players, Wenzel says he's more interested in offering a better service that over time will help Jokr acquire the customers and gain market share.
Jokr and its competitors all offer fast delivery, often in 15 minutes or less. Orders are dispatched from small warehouses, known as microfulfillment centers, that are distributed throughout a city. Wenzel says the company has 200 microfulfillment centers around the world. And the service has proved itself to be sticky with customers. Wenzel said investors were impressed with their retention rates, although he did not reveal specifics.
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