Justo, an online grocery retailer in Latin America, has secured $70m through equity and debt financing to support its expansion and innovation efforts.
The $50m equity component was led by existing investor General Atlantic, with others participating.
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HSBC Mexico arranged the $20m debt facility.
Proceeds from the financing will drive Justo’s expansion, primarily in Mexico, while enhancing operational efficiencies and challenging traditional e-commerce models across Latin America.
Justo founder and CEO Ricardo Weder said: “This new funding round highlights the strong belief our investors have in Justo, our team and the unique approach we bring to the table. We are excited to continue deploying our capital to redefine the grocery experience in Latin America through advanced technology and efficient operations.”
Founded in 2019, Justo started as a vertically integrated, 100% online grocery platform and has emerged as a key player in the online grocery sector in the Latin American region.
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By GlobalDataWith a market potential of $600bn, the online retailer is committed to transforming the grocery industry in Latin America using technology and establishing equitable supplier relationships.
Justo utilises AI and data analytics to predict demand, minimise waste at its micro-fulfilment centres and streamline daily operations.
It also employs proprietary software for order management, picking and delivery.
By cutting out middlemen in the supply chain, the company can offer competitive pricing and convenience for its customers while exploring innovative distribution methods.
These strategies have led to increased purchase frequency and customer retention rates that exceed those seen during the Covid-19 pandemic era.
The company sources a wide range of quality products from both large consumer goods companies and smaller local producers.
This supports economic activity in rural and semi-rural areas by offering competitive prices.
Justo operates in Mexico, Brazil and Peru.
