Mountain Nazca, venture capital firm announced its participation in the 100% online supermarket Justo, a company founded in 2019 by Ricardo Weder and Ricardo Martínez. The startup offers the consumer products at competitive prices through a digital commerce platform focused on both business to consumer (B2C) and business to business (B2B). The venture capital company, along with Foundation Capital and FEMSA Ventures, led the $ 10 million dollar seed investment, one of the largest seed rounds in Latin American history, it said in a statement.
Making Mexico a dynamic market
Sales in 2018 in the supermarket sector represented $ 60 billion, making Mexico a dynamic market. Just believes that within the 40 million Internet users that exist in Mexico, 6 million classify as a target audience, which translates into a possibility of revenue of $ 7 billion annually. It is estimated that online transactions can reach 10% of the sector’s sales by 2022.
The official statements
Héctor Sepúlveda, managing partner of Mountain Nazca, commented, “We are very grateful to Ricardo Weder and Ricardo Martínez for inviting us to be part of this great challenge and very proud to lead the extension of the seed round of Justo. The team has amazed us with their vision and ability to execute; we are and will always be there to support them during this monumental challenge”.