MEXICO CITY (Reuters) – The food-to-cleaning startup startup Justo was launched in Brazil with an initial investment of $40 million, the company said on Thursday.
The startup said it raised more than $100 million in capital to expand in Mexico before launching in São Paulo, where it aims to reach 1 million Brazilians and generate between 3,000-5,000 jobs in the first two years.
“Brazil represents a great opportunity, but also a great challenge due to the size and complexity of the local market, but I have no doubts that with talent and passion … we will be very successful,” said Founder and Chief Executive Officer Ricardo Weder , in a statement.
Founded a year and a half ago, Justo has benefited from an increase in the pandemic period for online deliveries of products ranging from fresh food to cleaning supplies.
The company said it has experienced exponential growth of 800% over the past year in Mexico, where it operates in Mexico City and the cities of Queretaro, Guadalajara and Puebla.
Unlike apps like Cornershop and Rappi, which send messengers to fetch food from physical stores, Justo maintains its own inventory of goods, which it sends directly from its warehouses to customers’ homes.
(Reporting by Cassandra Garrison)
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