Yummy Secures $47 Million in Funding To Meet Growing Consumer Demand

With 2.5 million registered superapp users and 40% growth QoQ, the company will use funds to continue expanding in its core markets

Barney Harford, former Uber COO, joins board of directors

SAN FRANCISCO, June 2, 2022 /PRNewswire/ -- Yummy, the leading Superapp in Venezuela and Bolivia, today announced that it has raised $47 million in its latest financing. The round was led by Anthos Capital, with the participation of JAM Fund, Soma Capital, WIND Ventures, Ethos Capital, and YC Continuity. With the new capital, Yummy will invest in enhancing its product offering, increasing density and expanding coverage.

Founded in 2020 by Venezuelan native and former Postmates and Getaround Director of User Acquisition Vicente Zavarce, Yummy is the dominant provider of on-demand delivery and transportation in Venezuela and Bolivia, allowing users to order anything and go anywhere at the click of a button. After gaining quick traction, Yummy expanded and is seeing strong adoption in Peru and Panama.

Through its superapp built to meet everyday consumer needs, Yummy provides users one place to get fast delivery of everything from food to clothing, move around with its ridesharing product, get groceries in under 20 minutes, and purchase experiences ranging from concerts to sporting events. Within its restaurant offering, Yummy has reached exclusivity agreements with QSR brands including KFC, Arturo's, and Burger Shack providing its users with exciting options they can't get anywhere else.

In just two years of operations, Yummy has grown to process 800,000 monthly transactions, has 2.5M registered users, and continues to grow +40% in orders QoQ, generating thousands of jobs for gig economy workers in the region.

"E-commerce penetration within most of Latin America remains low, and access to modern financial services limited,"  said Vicente Zavarce, founder & CEO of Yummy. "We see an immense opportunity to catalyze the adoption of mobile commerce and a new wave of inclusive financial products across the region."

The company's ridesharing vertical has seen rapid adoption since its launch in July of 2021, becoming the first of Yummy's business units to achieve profitability. Yummy's ridesharing service offers both car and motorcycle options, allowing consumers to tap into transportation services at a range of price points based on their needs for any individual trip.

Yummy's grocery vertical has built a hybrid fulfillment network that knits together 21 company owned micro fulfillment centers with partner owned facilities to allow rapid deliveries at low cost across a wide geographic footprint.

"We feel extremely bullish about the intersection in which Yummy is operating, and as Latin America continues to experience economic growth, we are confident Yummy will further become a household name for consumers searching for convenience, gig workers looking for additional work, and merchants seeking additional revenue streams," said Annie Luchsinger of Anthos Capital.

"I am excited to be backing Vicente and his team," said Justin Mateen, Managing Partner of JAM Fund and co-founder of Tinder. "Their ability to grow the business in a methodical and sustainable way has made Yummy a standout company in the space. Yummy's growth is a win for the economic development of the region, and I am confident in their ability to make Yummy an indispensable app for consumers across Latin America."

In connection with this financing, Barney Harford, former COO of Uber Technologies and CEO of Orbitz Worldwide, has been appointed to the Yummy board of directors. Barney also serves on the board of directors of United Airlines Holdings.

Yummy is the leading local on-demand delivery and transportation company serving consumers across Venezuela and Bolivia. The company recently launched its innovative mobile local commerce offering in Bolivia, Peru and Panama. Through its superapp, Yummy delivers everything from concert tickets to groceries. For more information visit www.yummysuperapp.com.

SOURCE Yummy

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