The operation for 459 million dollars was finally endorsed in Mexico in December 2020 by Cofece.
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June
21, 2021
3 min read
Uber will finally buy 100% of the Chilean delivery startup Cornershop after in 2019 the mobility firm announced its intentions to acquire the Latin company co-founded by Daniel Undurraga and Juan Pablo Cuevas.
The operation for 459 million dollars was finally endorsed in Mexico in December 2020 by the Federal Economic Competition Commission ( Cofece ).
Uber , – led by Dara Khosrowshahi -, already owned 50% of the Latin startup; This deal comes two years after a partnership that included a $ 250 million investment from the ride-sharing giant.
Oskar Hjertonsson, co-founder of Cornershop , made the sale known through his social networks.
1 When building your future with someone … at some point you gotta go all-in! Today we’re announcing that @Uber will acquire 100% of Cornershop. We’re thrilled to join @dkhos and the Uber team to build better solutions for instant local commerce around the world.
– Oskar Hjertonsson (@ohjertonsson) June 21, 2021
For its part, the venture capital firm ALLVP, which injected 8 million dollars when Cornershop started both in Mexico City and Santiago de Chile in 2015 and led three rounds of capital raising, signed the agreement in a statement.
“When we met Oskar, Dani and Chaq, it was obvious that they were destined for great things. Cornershop’s journey required not only all of his experience, talent, speed and ambition, but also courage and perseverance in the face of adversity. I will always be grateful to the team for the trip of a lifetime, “said Federico Antoni, former Cornershop board member and co-founder of ALLVP.
Uber to acquire 100% of Cornershop in multibillion dollar deal. ALLVP, lead investor & premier Latam VC, to return 5x fund in historic exit for Latam valuing Cornershop north of $ 3B https://t.co/CgFyYp4Wmx
You rock @ohjertonsson , @eldani & Chaq!
ALL out @CornershopUS 🙂 pic.twitter.com/sRfDLoCC3Y
– (@all_vp) June 21, 2021
Other investors include Jackson Square Ventures, Creandum, Capital Mazapil, and Endeavor Catalyst.