By Kylie Madry
MEXICO CITY (Reuters) – E-commerce startup Zubale is setting its sights on expanding throughout Brazil and Mexico with a fresh $25 million capital injection, the company said on Thursday.
Started as a service to pair gig workers with storefronts or warehouses to complete packaging or deliveries, Zubale now also offers logistics and customer-facing software to its commercial clients, CEO Sebastian Monroy said in an interview.
In Brazil, Zubale already works with major retailers such as Carrefour, GPA and Cencosud, said country manager Thiego Goularte, but the startup is looking to widen its client base both geographically and across segments.
“Brazil is a really large country, and we have to keep growing,” said Goularte, adding that Zubale operates in more than 40 cities in the country, including Sao Paulo and Rio de Janeiro.
Zubale is looking to widen its reach beyond grocery stores and pharmacies to clothing stores, pet shops and electronics chains, Goularte said.
In Mexico, the startup already operates in 90 cities and is eyeing another 40 over the next two years, said Monroy.
He added that Zubale plans to first boost the technology behind its gig service in Mexico, Latin America’s second-largest economy, to increase both workers’ productivity and earnings.
Zubale is also going to “speed up market penetration” of its software in Mexico, where the products are “still really green,” Monroy said.
The $25 million investment announced on Thursday comes from backers such as QED Investors and NFX, and follows a $40 million Series A funding round last year.
(Reporting by Kylie Madry; Editing by Rashmi Aich)
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