According to a statement released by the firm on Thursday, the e-commerce startup Zubale now has a fresh financial injection of $25 million and plans to extend its operations throughout Brazil and Mexico.
Sebastian Monroy, CEO of Zubale, stated in an interview that the company has expanded its offerings to include logistics and customer-facing software for its commercial clients. Zubale was once a business that paired gig workers with shops or warehouses to get them to finish packing or delivery.
According to Thiego Goularte, the national manager for Zubale in Brazil, the company currently collaborates with large retailers such as Carrefour (CARR.PA), GPA (PCAR3.SA), and Cencosud (CENCOSUD.SN). However, the firm is trying to expand its customer base in several ways, regionally and across other market categories.
According to Goularte, “Brazil is a really large country, and we need to keep growing.” He also mentioned that Zubale works in more than forty locations nationwide, including Rio de Janeiro and Sao Paulo.
According to Goularte, Zubale is expanding its reach beyond grocery stores and pharmacies to include clothing stores, pet shops, and franchises that sell technological goods.
According to Monroy, the firm has operations in 90 towns in Mexico, expected to increase to 40 over the next two years.
Additionally, he stated that Zubale intends to initially enhance the technology that underpins its gig service in Mexico, the second-largest economy in Latin America, to enhance both the productivity of workers and their profits.
In addition, Zubale is planning to “speed up market penetration” of its software in Mexico, where the goods are “still really green,” according to Monroy.
The $25 million investment announced on Thursday comes from QED Investors and NFX. This investment comes after a Series A fundraising round of $40 million was completed last year.
