Express Delivery Startup Jokr Raises $260M at $1.2B Valuation

Instant grocery delivery startup Jokr closed a $260 million Series B funding deal that puts the company’s valuation at $1.2 billion, giving it unicorn status nine months after launching, according to a press release emailed to PYMNTS.

Jokr plans to use the new infusion of capital to accelerate expansion plans in Latin America and the U.S., where it has already made inroads, the release stated. Focusing on these high-growth markets, the company plans to bring its services to more cities and neighborhoods. Monies will also be earmarked for continued investments in technology and customer proposition.

Activant Capital, Balderton, Greycroft, GGV Capital, G-Squared, HV Capital, Kaszek, Mirae Asset, Monashees, Moving Capital, Tiger Global and others participated in the round, according to the release.

Founded in March in New York, New York, Jokr is headed by the leadership team behind the creation of foodpanda and had a hand in driving Delivery Hero to success, the release stated. Founder and CEO Ralf Wenzel, along with four other co-founders, all also personally invested in the funding round.

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Jokr has fluid and regional inventory, which it amends according to customers’ desires, a move that’s resulted in bigger orders, the company said in the release.

Customer retention rates are among the highest in the grocery delivery sector, and over 50% of new customers discovered Jokr organically, according to the release. The company’s proprietary algorithm analyzes order data to inform Jokr about users’ preferences, which ensures availability while reducing waste.

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“We are very proud of what we have built with Jokr, and today’s announcement is further proof of how we have managed to reshape an entire industry within just a few months,” Wenzel said in the release. “Jokr has arrived — not only at the doorstep but in people’s everyday lives. Our customers in Latin America and the U.S. love our instant delivery grocery offering, with [gross merchandise volume (GMV)] having grown by an average of 15% every week. Today’s investment will enable us to continue delivering on our promise to create the ultimate shopping proposition.”