New data shows that online grocery sales will top 20% by the year 2026 due to more consumers getting comfortable buying their groceries this way over the past two years.
The New York-based startup called Jork is getting out ahead of the demand with its quick delivery of groceries.
The image is named Jork.
The company took in $260 million in Series B, five months after raising $170 million in Series A funding. The new round lifts the company's valuation to over $1 billion and it is one of the fastest companies to reach unicorn status in history.
The company was launched eight months ago, according to the founder and CEO.
He said that they had enough capital after raising a substantial round in July. We built out in many different countries and began getting a lot of interest in what we were doing. Existing investors wanted to double down on our growth, as well as new investors. We are happy about it.
A group that included GGVl, Balderton, Tiger Global and others joined the new round.
Wenzel said that its gross merchandise volume is growing on average 15% each week and that it has a high customer retention rate as over 50% of its new customers come organically. Some of the warehouse hubs that have achieved operational profitability include New York, Mexico City and Sao Paolo.
He plans to use the new capital to expand within its existing geography. There is potential for a hundred more hubs in the area. Wenzel teased that he wants to expand in the United States and in Latin America as well.
New customer acquisition and growth will be the focus of the efforts of the JOKR.
The company has released a new version of its product and app since its last funding round, as it shifts away from just offering convenience items. By the end of the year, the company wants to be carbon neutral.
Wenzel said that their vision is not just convenience and on demand, but to a more comprehensive grocery inventory that covers fresh produce, meat, dairy and packaged foods. On the fresh side, we are increasing our offerings and becoming more personalized than the alternative grocery store.
The $170M Series A is powered by local stores.
