Category: Palm Drive Capital

Colombia’s Merqueo bags $50M to expand its online grocery delivery service across Latin America



Merqueo, which operates a full-stack, on-demand delivery service in Latin America, has landed $50 million in a Series C round of funding.

IDC Ventures, Digital Bridge and IDB Invest co-led the round, which also included participation from MGM Innova Group, Celtic House Venture Partners, Palm Drive Capital and previous shareholders. The financing brings the Bogota, Colombia-based startup’s total raised to $85 million since its 2017 inception.

Merqueo CEO and co-founder Miguel McAllister knows a thing or two about the delivery space in Latin America, having also co-founded Domicilios.com, a Latin American food delivery company that was bought by Berlin-based Delivery Hero and later merged with Brazil’s iFood.

McAllister describes Merqueo as a “pure-play online supermarket with a fully integrated grocery delivery service” that sources directly from large brands and local suppliers, bypassing intermediaries and “delivering directly from its dark store network.” (Dark stores are traditional retail stores that have been converted to local fulfillment centers.”

Merqueo offers more than 8,000 products, including fresh foods, packaged goods, home essentials, beverages and frozen products. It currently operates in more than 25 cities in Colombia, Mexico and Brazil and has over 600,000 users.

Image Credits: Merqueo

It must be doing something right. The startup is close to $100 million in “run-rate revenue,” according to McAllister, having grown more than 2.5x in 2020. Merqueo also reached positive cash flow in Colombia, its most mature market. Over the last year, large Latin American retail chains and retailers have approached the company about potentially (Read more...)

MealMe raises $900,000 for its food search engine



This morning MealMe.ai, a food search engine, announced that it has closed a $900,000 pre-seed round. Palm Drive Capital led the round, with participation from Slow Ventures and CP Ventures.

TechCrunch first became familiar with MealMe when it presented as part of the Techstars Atlanta demo day last October, mentioning it in a roundup of favorite startups from a group of the accelerator’s startup cohorts.

The company’s product allows users to search for food, or a restaurant. It then displays price points from various food-delivery apps for what the user wants to eat and have delivered. And, notably, MealMe allows for in-app checkout, regardless of the selected provider.

The service could boost pricing and delivery-speed transparency amongst the different apps that help folks eat, like DoorDash and Uber Eats. But Mealme didn’t start out looking to build a search engine. Instead it took a few changes in direction to get there.

From social network to search engine

MealMe is an example of a startup whose first idea proved only directionally correct. The company began life as a food-focused social network, co-founder Matthew Bouchner told TechCrunch. That iteration of the service allowed users to view posted food pictures, and then find ordering options for what they saw.

While still operating as a social network, MealMe applied to both Y Combinator and Techstars, but wasn’t accepted at either.

The startup discovered that some of its users were posting food pics simply to get the service to tell them which delivery (Read more...)