Yummy Bags Secures $18M to Expand Delivery App in Latin America

Yummy Secures $18 Million Series A to Fuel Latin American Expansion

Just three months following a $4 million seed funding announcement, Venezuelan delivery super app Yummy has successfully closed an $18 million Series A round. This new capital will be used to expedite the company's planned growth throughout Latin America.

Investment Details

Anthos Capital spearheaded the recent investment round. Further participation came from JAM Fund, with founder Justin Mateen having previously invested during the seed stage.

Company Background and Growth

Founded in 2020 by Vicente Zavarce, Yummy has quickly gained traction, now boasting over 200,000 registered users. Zavarce’s background includes marketing positions at prominent U.S. companies like Postmates, Wayfair, and Getaround, following his education in the United States.

The Yummy application offers both delivery and ridesharing services and is available for free download. Revenue is generated through delivery fees and charges to merchants.

Expansion Plans and Vision

“Our aim is to establish a presence in every Venezuelan city with both Yummy Delivery and Yummy Rides,” stated Zavarce. “We also intend to continue expanding our reach across Latin America.”

The company’s vision centers on becoming an integral part of daily life for users. They also aim to empower the local economy by providing earning opportunities in U.S. dollars for both “Yummers” (users) and drivers.

Recent Launches and Future Goals

This month saw the launch of Yummy in both Peru and Chile. The company intends to operate 50 active dark stores in each of these countries by the close of 2022.

Yummy projects the ability to deliver over 2,000 products within a timeframe of under 15 minutes, leveraging this dark store network.

Current Performance

Currently, the platform processes more than 340,000 monthly transactions within Venezuela. This represents a consistent growth rate exceeding 35% over the last four months.

A network of over 5,000 drivers, operating across 12 Venezuelan cities, supports both the delivery and ridesharing functionalities of the Yummy app.