Mercato, a leading online marketplace that connects independent grocers and specialty food retailers with consumers, has announced the successful completion of a $26 million Series A funding round. The round was led by Velvet Ventures and Perez TechCrunch, two prominent venture capital firms.
The funding will be used to further expand Mercato’s platform, which currently operates in over 45 states in the US. With this new capital injection, the company plans to invest in technology and product development, as well as expanding its team to better serve its growing customer base.
About Mercato
Founded in 2015, Mercato is an online marketplace that connects independent grocers and specialty food retailers with consumers. The company’s mission is to make it easier for consumers to access high-quality, locally sourced foods while supporting small businesses. Through its platform, Mercato enables small businesses to compete with large retailers by offering delivery and pickup options.
Mercato currently works with over 1,000 independent grocery stores and specialty food retailers across the US, and has seen significant growth in the past year as consumers have increasingly turned to online shopping due to the COVID-19 pandemic.
Investment from Velvet Ventures and Perez TechCrunch
Velvet Ventures is a venture capital firm that invests in early-stage startups in a variety of industries, including technology, healthcare, and consumer products. The firm’s portfolio includes companies such as Blue Apron, Casper, and Warby Parker.
Perez TechCrunch is the venture capital arm of TechCrunch, a leading technology media company. The firm invests in early-stage startups in the technology sector, with a focus on companies that are disrupting traditional industries.
Both Velvet Ventures and Perez TechCrunch have recognized the potential of Mercato’s platform to transform the grocery industry by enabling small businesses to compete with large retailers.
Expansion Plans
With the new funding, Mercato plans to invest in technology and product development to improve its platform and make it even easier for independent grocers and specialty food retailers to sell their products online. The company also plans to expand its team to better serve its growing customer base.
Mercato’s CEO, Bobby Brannigan, stated, “We’re excited to partner with Velvet Ventures and Perez TechCrunch as we continue to expand our platform and empower small businesses to compete with large retailers. Our mission is to make it easier for consumers to access high-quality, locally sourced foods while supporting small businesses, and this new funding will help us achieve that goal.”
Conclusion
Mercato’s successful Series A funding round is a testament to the company’s growth and potential in the online grocery market. With the investment from Velvet Ventures and Perez TechCrunch, Mercato will be able to further expand its platform and better serve its growing customer base. The company’s mission to support small businesses while making it easier for consumers to access locally sourced foods has never been more important, and Mercato is well-positioned to continue leading the way in the online grocery market.
