The funding will help Yummy support product development and market expansion. Here are the top-line bullets you need to know.
Yummy, an on-demand delivery and transportation super app, has raised $47M in a Series B. The round drew participation from Y Combinator, Soma Capital, Ethos Capital, and Anthos Capital, among others.
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HOW’S THE COMPANY PERFORMING?
- Venezuela-based Yummy enables consumers to have groceries and other consumer goods — such as electronics and apparel — delivered in less than 15 minutes.
- The platform has 2.5M registered users.
- The company is working with 8K+ merchants and processes 800K transactions each month. It is also experiencing 40% growth quarter-over-quarter.
- Yummy has exclusivity agreements with QSR brands such as KFC, Burger Shack, and Arturo’s.
- Yummy operates across 6 countries in Latin America, including Venezuela, Bolivia, Peru, and Panama.
Source: Yummy
WHY DOES THE MARKET MATTER?
- The global logistics market is expected to reach a value of $13T by 2027, growing at a CAGR of 6.5%, according to Allied Market Research.
- The pandemic-induced increase in demand for fast-moving consumer goods (FMCG), medical supplies, and other consumer goods has accelerated the growth of online retail, which has driven global logistics market expansion.
- Heightened supply chain disruption amid the pandemic has led to increased investments in logistics to drive efficiencies and cut costs.
- Given Amazon’s stronghold over the online retail market, retailers are differentiating by focusing on instant commerce, niche assortment, post-purchase experience, and consolidation through mergers, acquisitions, and partnerships.
