Home Funding Colombia based Chiper gained US$ 12 million in Series A funding

Colombia based Chiper gained US$ 12 million in Series A funding

Colombia based Chiper gained US$ 12 million in Series A
Colombia based Chiper gained US$ 12 million in Series A

Chiper, the Colombian ecommerce platform for independent retailers, announced on 16th October 2020 about raising US$ 12 million in its Series A funding round. The funding investors included Monashees, Kaszek Ventures, and WIND Ventures

Previously the company has gained US$ 13 billion from its friends and family, which marks the total fundraising of the company to US$ 25 million. With recent funding, the enterprise is ready to capture more of the corner store merchants. The enterprise was founded in 2018 by Jose Bonilla along with Oscar Sarria Guerrero and Carolina Garcia. Before founding the enterprise, Bonilla was the CEO of and co-founder of Imaginamos, a software studio based in Latin America that sells successful startups. 

The future planning by Chiper

Image Credits : Chiper
Image Credits : Chiper

The company has intended to use the newly received investment to expand the customer base. It already has 3000 active monthly users, and it is aiming to target 30,000 users or capture a 5% market by 2021. The enterprise will also invest the funding in new technology. Along with the same, they are also willing to increase a 30% employee base. They are also planning to launch in four new cities in Mexico with the further motive of expansion in Brazil. Chiper is currently operating in ten cities with four in Colombia and two in Mexico. 

The small corner stores are among one the important retail channels in Latin America and generate revenue of more than US$330 million. And each of them is run independently, which results in a disjoint landscape and raises challenges for the adoption of technology. Chiper is the platform that helps the corner stores to increase their revenue by US$30,000 to US$60,000 from what they receive each year, along with the opportunity to scale their own company. 

The services of the platform

Image Credits : Chiper
Image Credits : Chiper

The enterprise is currently headquartered in Cundinamarca, Distrito Especial, Colombia. It provides customized technology to these corner stores retailers and the ones who supply products to them. It includes inventory management and fulfillment so that the store owners can make smart purchasing decisions and get to improved store efficiency along with providing the customers a better experience. They include all the aspects that any independent store would need in a platform with great prices, one-day delivery, and a service that can help them to find anything they require. With Chiper, the store owners can have access to 1.200 stock keeping units on a single stage of major, secondary and low-price labels that provide 5% savings than purchasing from any other source. Their vision is to grow as the biggest brand network of corner stores in Latin America.

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