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Walmart announced it acquired on-demand delivery marketplace Cornershop, an Endeavor Chile company, for $225 million this September, to facilitate its expansion in Latin America.
Walmart lauded Cornershop’s “digital expertise, technology and capabilities,” and cited a goal of strengthening both companies by “combining Cornershop’s innovative, crowd-sourced delivery platform” with “Walmart’s strong supply chain and store network.” Following the deal’s close, Cornershop will continue to offer its on-demand delivery from supermarkets, pharmacies and specialty food retailers in Mexico and Chile in Mexico and Chile.
A customer receives a Cornershop delivery at work | Photo courtesy of Cornershop
Led by Endeavor Entrepreneurs Oskar Hjertonsson and Daniel Undurraga, Cornershop launched in 2015 with an active presence in Mexico and Chile, and has rapidly grown since then. In April 2016, Cornershop received investment from Endeavor Catalyst, Endeavor’s rules-based fund that invests exclusively in companies led by Endeavor Entrepreneurs. Last year, the scale-up raised another funding round of $21 million in order to continue expanding its service in Latin America, bringing its total funding raised to $31.7 million. In the past year alone, Cornershop has seen the number of customers double.
Daniel and Oskar were originally selected as Endeavor Entrepreneurs in 2008 at the 25th International Selection Panel in Mexico City with their first company, Needish. After Needish was acquired by Groupon in 2010, the entrepreneurs led Groupon Latin America for several years before founding Cornershop. Daniel and Oskar have been active with the Endeavor network in Chile, California, and Mexico.
The acquisition was widely covered by media, such as Reuters, CNBC, the Wall Street Journal, and TechCrunch. Read more here.
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