Uber Technologies, Inc, on Friday, October 11, announced it had reached an agreement to acquire majority ownership of ALLVP’s portfolio company, Cornershop, the largest on-demand grocery platform in Latin America
The transaction is expected to close in early 2020, subject to regulatory approval in Mexico and Chile, where Cornershop has been delivering millions of avocados customers.
“[We] look forward to working with them to bring grocery delivery to millions of consumers on the Uber platform”— Dara Khosrowshahi, CEO, Uber
Uber has been expanding to new services with its mission to become “the operating system of everyday life”, according to Dara Khosrowshahi, CEO, Uber. With this partnership, Cornershop can access millions of consumers on the Uber platform as the company embarks on its quest to launch several new markets over the next year.
“We’re excited to partner with the team at Cornershop to scale their vision, and look forward to working with them to bring grocery delivery to millions of consumers on the Uber platform,” the Uber CEO is quoted in a release from the company.
Cornershop was founded in 2015 by Swede Oskar Hjertonsson and Chileans Daniel Undurraga and Juan Pablo Cuevas. The company is backed by Accel, ALLVP, Creandum, JSV, and Capital Mazapil, along with a group of angel investors from more than 10 countries.
“In 2015 we started Cornershop primarily with the Latin American market in mind, and we couldn’t be more excited to work with Uber to help us take that mission much further,” said Hjertonsson.
In August of this year, Cornershop began servicing customers in Lima, Peru, and Toronto, Canada. This was after Mexican anti-trust regulators Cofece blocked ALLVP selling its stake in the grocery-delivery platform to American retail giant Walmart in June, citing then that the acquisition would present certain risks to competition.
ALLVP was the first institutional investor of Cornershop and led the seed round in July of 2015 and has participated in every round ever since.
“Oskar, Daniel, and Chaq ( have built one of the best software companies in Latin America with close to flawless execution. Can’t wait to see this partnership develop together with Uber in Latin America and beyond,” commented Federico Antoni, Partner of ALLVP and board-member of Cornershop.