MEXICO CITY & NEW YORK--(BUSINESS WIRE)--Jüsto (the “Company”), a leading online grocer in Latin America with operations in Mexico, Brazil, and Peru, today announced it has raised USD $70 million in equity and debt financing. The USD $50 million equity round was led by existing investor General Atlantic, a leading global growth investor, with participation from others, while the approximately USD $20 million debt facility was arranged by HSBC México. Jüsto intends to leverage the new financing to continue the execution of its growth strategy, primarily in Mexico, further enhance operational efficiencies, and push the boundaries of conventional e-commerce models across the region.
Jüsto was founded in 2019 by CEO Ricardo Weder as Mexico’s first vertically integrated, 100% online grocery platform, and has grown to become a leading online grocer throughout Latin America. With a market potential exceeding USD $600 billion, the Company is dedicated to transforming the grocery industry in Latin America through technology and fostering fair partnerships with suppliers. Jüsto works to efficiently source fresh produce while providing a unique, seamless full basket grocery experience to customers, delivering 99% fill rates.
As the sole first-party grocer operating across Latin America, the Company leverages artificial intelligence and data analytics to forecast demand, reduce waste levels at each of its micro-fulfillment centers, and support day-to-day operations, as well as proprietary software to manage, pick, and deliver orders. By eliminating intermediaries in the supply chain, Jüsto offers competitive prices, reduced transaction costs, and greater convenience for customers while exploring new distribution avenues. This has resulted in growing purchase frequency and retention rates that have surpassed pandemic levels, positioning the company for continued growth and operational improvements.
“This new funding round highlights the strong belief our investors have in Jüsto, our team, and the unique approach we bring to the table. We are excited to continue deploying our capital to redefine the grocery experience in Latin America through advanced technology and efficient operations,” stated Ricardo Weder, Founder & CEO of Jüsto.
“Mexico and Latin America present an immense opportunity for disruptive digital innovation as the grocery sector increasingly shifts towards an omnichannel experience. We believe Jüsto's approach, with a focus on technology-enabled customer service, high-quality products, and a vertically integrated model, will continue to reshape the grocery experience for consumers in Mexico. We are pleased to further deepen our partnership with Ricardo and the Jüsto team in the company’s next stage of growth,” said Zeev Thepris, Vice President at General Atlantic.
“HSBC is committed to supporting true disruptors in the rapidly evolving digital landscape of Mexico. We are excited to provide the financial backing that will enable Jüsto to continue driving innovation and meeting the needs of consumers” said Juan Carlos Pérez Rocha, Head of Wholesale Banking at HSBC México.
Jüsto is proud to promote a socially and environmentally responsible culture in the regions it operates. The Company works to source a broad offering of high-quality products from both large consumer products companies and smaller local producers – helping to strengthen the economic activity of rural and semi-rural communities at competitive and fair prices.
About Jüsto
Jüsto is working to improve the lives of Mexicans and Latin Americans by providing them with a new generation of supermarkets. Jüsto designs, develops, and deploys the technology to support different processes within the company, from assortment and inventory management to operations and logistics. Jüsto's business model is fully online—without physical stores—and delivers directly to the customer’s home. Jüsto saves its customers time and money. It also guarantees 100% fulfillment of orders, as well as a commitment to deliver the freshest fruits, vegetables, meats, and seafood. Jüsto offers a vast catalog of products, both from top brands and local producers, all at competitive prices. Jüsto is building a more just and sustainable grocery model, empowering small and medium producers by giving them access to sell their products online. It also supports suppliers in establishing distribution processes and negotiating fair trade agreements for all parties. Learn more at www.justo.mx, www.soujusto.com.br, www.freshmart.pe (Facebook, Instagram & TikTok: @justomx).
About General Atlantic
General Atlantic is a leading global growth investor with more than four decades of experience providing capital and strategic support for over 520 growth companies throughout its history. Established in 1980, General Atlantic continues to be the dedicated partner to visionary founders and investors seeking to build dynamic businesses and create long-term value. Guided by the conviction that entrepreneurs can be incredible agents of transformational change, the firm combines a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with and scale innovative businesses around the world. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning Growth Equity, Credit, Climate, and Sustainable Infrastructure strategies. General Atlantic manages approximately $97 billion in assets under management, inclusive of all strategies, as of October 1, 2024 (based on valuations as of June 30, 2024), with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com.
About HSBC
HSBC México is one of the leading financial and banking groups in Mexico, with 842 branches, 5,558 ATMs, and 13,589 employees. For more information, please visit: www.hsbc.com.mx. HSBC Holdings plc ("HSBC") is the parent company of HSBC México and is headquartered in London. HSBC serves clients worldwide from offices in 60 countries and territories. With total assets of USD $2.975 trillion as of June 30, 2024, HSBC is one of the largest banking and financial services organizations in the world.
