Chiper bags $12m Series A to digitise Latin American corner stores
Chiper, an e-commerce platform pitched at the Latin American corner store market, has announced a $12 million Series A round featuring WIND Ventures, Monashees and Kaszek Ventures.
The Colombia-based startup previously raised $13 million from family and friends, giving it $25 million in total fundraising since its inception in 2018.
It provides customised technology to corner store owners and their product suppliers, including inventory procurement, management and fulfilment.
“We are dedicated to empowering a new generation of corner store owners through continuously striving for pairing an excellent customer experience with best prices and easy delivery, making them more competitive,” says Jose Jair Bonilla, CEO at Chiper.
“We currently have 3,000 active stores in Mexico and Colombia and that is just the beginning. This is an untapped market, where it's estimated that less than 0.1% of transactions are currently done online.”
Chiper now plans to launch in four new cities in Mexico, and eventually expand into Brazil.
“The Latin American corner store market is huge and remains a valued piece of Latin American culture, yet has been largely untouched by modern retail technology,” says Brian Walsh, Head of WIND Ventures.
“There is a huge opportunity to boost the growth of e-commerce in Latin America by harnessing fragmented trade and creating an efficient network to deliver products. We look forward to partnering with Jose and the team to continue Chiper’s high growth trajectory towards its important and bold vision.”