JOKR Secures Approximately $50 Million in Series D Funding, Valued at $800 Million

Online grocery delivery company JOKR, operating in Brazil as DAKI, is demonstrating its resilience in the Latin American market. Despite recent fluctuations in the sector, JOKR has found its niche and continues to thrive.

Today, JOKR announced securing approximately $50 million in Series D financing at an $800 million post-money valuation, a decrease from its previous $1.3 billion valuation after a $50 million Series C in February. CEO Ralf Wenzel explained that this valuation adjustment was appropriate given market conditions, and it came with no additional strings attached.

The Series D round was led by Convivialité Ventures, the investment arm of Pernod Ricard, and included new investor Lombard Odier, alongside existing investors. JOKR's strategic importance attracted interest from retail incumbents and consumer packaged goods companies.

This investment not only positions JOKR on a path to profitability but also solidifies its presence in Brazil's underserved grocery market, projected to reach $80 billion by 2026. The company has improved its financial performance, with over 25% gross profit and no subsidized grocery orders. JOKR has also seen increased customer retention and order frequency.

Moreover, JOKR's advertising program has thrived, accounting for 10% of its revenue. This program enables brands to advertise via the DAKI platform and has garnered significant interest from consumer packaged goods brands.

JOKR now offers a full grocery range in Brazil, known as "shopping missions," including scheduled deliveries and an expanded product range of 10,000 items. The newly secured capital provides runway for further grocery development and expansion within existing metropolitan areas. 

In the short term, the company aims for profitability, while the additional capital opens doors for future expansion possibilities, including potentially re-entering Latin American markets it previously exited and the prospect of becoming a public company.