Mexico-based online groceries supplier Jüsto has received $10m in a seed round co-led by Femsa Ventures, the corporate venturing unit for beverages producer Femsa, Lavca Venture Investors has reported.
Venture capital firms Mountain Nazca and Foundation Capital also co-led the round, described by Lavca as one of the biggest seed-stage deals on record in Latin America.
Founded earlier this year, Jüsto runs a groceries-focused e-commerce platform serving both consumers and brick-and-mortar retailers with what it advertises as quality goods priced more affordably than its rivals.
The service is billed as the first online-only supermarket in Mexico, a market estimated by Jüsto to have 40 million internet users. Online supermarkets are expected to represent 9.7% of overall grocery sales in Mexico by 2022, up from about 4.2% at present, according to Lavca.
Jüsto reportedly raised an undisclosed amount in a pre-seed round led by Foundation Capital last month that included Quiet Capital, Vas Ventures, 500 Startups and unnamed additional investors.