Jüsto, a Mexico-based online grocery retailer backed by beverage bottler Femsa and baked goods producer Bimbo, secured $65m on Tuesday in a series A round led by growth equity firm General Atlantic.
The round, described by the company as the largest series A round raised in Latin America to date, also featured Foundation Capital and Mountain Nazca.
Founded in 2019, Jüsto operates an online platform through which customers can order deliveries of groceries to their homes. It will use the funding for strategic initiatives such as expanding into new locations in Mexico and Latin America and improving its last-mile logistics infrastructure.
Luis Cervantes, managing director and head of Mexico City at General Atlantic, has been appointed to Jüsto’s board of directors in connection with the round, along with General Atlantic vice-president Zeev Thepris. The company said it has now raised over $100m altogether.
Jüsto received an undisclosed amount in a September 2019 pre-seed round led by Foundation Capital, which invested alongside Quiet Capital, Vas Ventures, 500 Startups and unnamed other backers. Femsa’s corporate venturing arm, Femsa Ventures, Mountain Nazca and Foundation Capital co-led its $10m seed round the following month.
Femsa Ventures also participated in a $12m bridge round for the company in July 2020 that was led by Foundation Capital with investments from Mountain Nazca, Quiet Capital and 500 Startups. Bimbo subsidiary Bimbo Ventures and Sweet Capital provided another $5m in October 2020.
Jüsto said it raised $27m in a 2020 seed round led by Foundation Capital and Mountain Nazca and backed by Femsa Ventures, S7V, Elevar Equity, Bimbo Ventures, Quiet Capital, Sweet Capital, H2O Capital, SV LatAm Capital and undisclosed others, though that likely relates to the aforementioned rounds.