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Cubbo raises a pre-Series A round eyeing an expansion in Brazil

Tuesday 7 June 2022 15:04 CET | News

Colombia-based ecommerce fulfilment startup Cubbo has planned to invest more than half of the non-disclosed amount raised in Brazil.

Cubbo raised an undisclosed pre-Series A funding with several investors: Gerdau Next Ventures, SV Latam Capital, Gaingels, and the Community Access Fund. The startup will apply more than half of the new resources to expand in Brazil (a market that currently accounts for 10% of its business) as it consolidates its operations in Colombia and Mexico. Shortly, the debut in Chile is also on the startup‘s roadmap.

In Brazil, the company intends to invest in the acquisition of two new warehouses, one in Sao Paulo and another in Rio de Janeiro, in addition to hiring in engineering, sales, and operations. Cubbo focuses on small orders (smaller than a shoebox) for non-perishable independent brand products that can be delivered the same day.

Without giving figures, the company says that, as a result of the investments, it expects to see its gross revenue quadruple in the region by the end of 22021, while it sees its operations in Brazil reaching about a third or more of its results. The company wants to direct this pre-Serie A round to Brazil due to the high demand and growth prospects it sees in the country.


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Keywords: ecommerce, funding, startup, expansion
Categories: Payments & Commerce
Companies: Cubbo
Countries: Brazil, Colombia, Mexico
This article is part of category

Payments & Commerce

Cubbo

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