Uber finally acquires 100% of Cornershop in a multi-million dollar deal

The operation for 459 million dollars was finally endorsed in Mexico in December 2020 by Cofece.

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21, 2021

3 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

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.

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.

Other investors include Jackson Square Ventures, Creandum, Capital Mazapil, and Endeavor Catalyst.

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