Portland Private Equity Leads US$ 14M In Merqueo
Portland Private Equity led a US$14M investment in Merqueo, a Colombian grocery startup, with participation from Endeavor Catalyst. Mountain Nazca Colombia and Velum Ventures invested previously to continue building LatAm’s biggest online supermarket.
Merqueo is based in Colombia and is one of the fastest growing startups of Latin America, achieving over US$1M in sales in just 8 months. In its first year of operations, Merqueo fundraised US$5M dollars, and nearly two years later, in January 2019, Merqueo closed a new investment round worth US$14M.
Merqueo was launched in February 2017 inspired in the idea of revolutionizing the way people do their groceries. It became the first online supermarket focused in offering good prices and convenient home delivery. After two years, Merqueo has been able to change the life of over 300 thousand Colombian households and has attained itself as one of the key players of the market.
“Our dream is to offer Latin Americans a better quality of life by delivering their groceries directly to their homes at the lowest price. Purchasing products online shouldn’t be a privilege of a few people, it should be an alternative for everyone” said Miguel McAllister, CEO of Merqueo.
Merqueo managed to raise an investment worth 14 million dollars led by Portland Private Equity, a group with more than 20 years of experience and characterized by its entrepreneurial DNA. This fund is recognized for its ability to detect companies with great potential in South America.
“This new capital will allow us to keep growing and revolutionize the market. Our goal is to always offer the best service at the best price. This is just the beginning!”, said Miguel McAllister, CEO at Merqueo.
You can find the complete article at this address.