Why we invested in Yummy: Re-inventing the future of convenience in Latin America
By Bob Ma, WIND Ventures
At WIND Ventures, we are thrilled to announce our participation in Yummy’s latest $47M financing round to accelerate the company’s exceptional growth. Yummy is a Venezuela-based tech startup that is leading the re-invention of convenience in Latin America through its on-demand delivery and transportation services. We invested alongside a group of co-investors that includes lead investor Anthos Capital, which was the first major investor in GoPuff, as well as Soma Capital, JAM Fund, Y Combinator Continuity, and Ethos.
This investment reflects our focus on investing in companies that are driving the transformation of energy, retail, and mobility. Towards this goal, we are excited to join Yummy’s founder and CEO Vicente Zavarce in transforming the retail and logistics sector in LatAm.
Today, LatAm is experiencing an accelerated shift from traditional commerce to eCommerce. Core to this shift is an increase in the convenience of online shopping, for which delivery times have been significantly reduced. What used to be a week-long wait for delivery has been reduced to two days or less. Indeed, consumer demand for fast delivery has increased dramatically in recent years, driven by factors such as the boom in food delivery apps, increasing urbanization, and an aging population that appreciates convenience.
However, one of the biggest challenges in retail is how to offer delivery quickly, reliably, and at scale. Towards this goal, Yummy is re-inventing convenience through its innovative use of micro-fulfillment centers, which, combined with its expertise in ridesharing, allows it to fulfill grocery orders in under an hour. Key to this model is that micro-fulfillment centers significantly reduce the distance between product and end customers, allowing groceries to be delivered more quickly and reliably. We are particularly excited to back Yummy, which has already demonstrated strong traction and shows tremendous potential as it continues building upon the synergies between its ridesharing and delivery verticals.
Yummy’s leadership team has significant experience in eCommerce, logistics, and technology development. CEO Vicente Zavarce brings operational leadership experience from Postmates, where he built and led the user acquisition team, and from Getaround and Wayfair. CTO Ignacio Carrillo-Batalla brings software engineering experience from one of the world’s largest financial institutions, BlackRock. Other executive team members bring relevant experiences from companies such as KFC, BMI, and others.
We’re excited to work with Yummy and support its impressive growth as it continues to redefine convenience in LatAm.
About WIND Ventures:
Based in San Francisco, WIND Ventures is the strategic venture capital arm of Copec, one of the leading energy companies in Latin America and consistently voted as one of the most valued brands in the region. WIND Ventures leverages Copec’s significant resources to accelerate growth, primarily within Latin America, for startups and scaleups across the world within the new mobility, energy and retail sectors. Visit windventures.vc or follow us on Linkedin and Twitter.
