Uber to acquire grocery delivery startup Cornershop
Curated by: Startups
Uber will acquire Cornershop, a grocery delivery startup that began life serving the Latin American market and recently shifted to offer service in Toronto, its first North American city. Uber announced on Friday that it expects that its acquisition of a majority ownership stake in Cornershop in early 2020, once it receives all the necessary regulatory sign-off.
Cornershop was founded in 2015 by Oskar Hjertonsson, Daniel Undurraga and Juan Pablo, and it’s headquartered in Chile. The company will continue to operate under that leadership in its current form for now, Uber says, and will report to a board that counts Uber leadership in the majority of its overall makeup.
Over the course of four rounds of funding, Cornershop raised $31.7 million, from investors including Accel, Jackson Square Ventures and others. The on-demand grocery company was supposed to be acquired by Walmart in a deal valued at $225 million announced in September, but that deal ultimately fell apart in June when Mexican anti-trust regulators blocked it from going through.