JOKR raises $170 million for super-fast grocery delivery
JOKR, a company that promises grocery delivery in under 15 minutes with no minimums or fees, has raised $170 million in Series A funding led by GGV Capital, Balderton Capital, and Tiger Global.
Why it matters: As if the past year's boom in grocery delivery isn't enough, JOKR is part of a new crop of companies offering ultra-fast delivery, with little to no fees, and using networks of "dark stores" strategically distributed throughout a city.
- JOKR and some of its peers also employ their delivery drivers instead of using contractors — a practice that's become highly criticized over the years as labor exploitation by so-called "gig economy" companies.
Details: The company, which launched earlier this year, says it operates in seven countries and is currently available in parts of New York City as its first U.S. market.
- JOKR co-founder and CEO Ralf Wenzel previously founded food delivery startup Foodpanda, and became Delivery Hero's chief strategy officer when it acquired the company in 2016. He was most recently at SoftBank, which he says gave him an additional glimpse into global e-commerce trends given the Japanese giant's portfolio of such investments.
- Activant Capital, Greycroft, Fabrice Grinda’s FJ Labs, Kaszek, Monashees, and HV Capital also participated in this funding round. JOKR previously raised an undisclosed amount of seed funding.
Go deeper: What's next: Super-fast delivery