11 Oct Uber to Acquire Majority Ownership in Cornershop
SAN FRANCISCO–(BUSINESS WIRE)–Uber Technologies, Inc. (NYSE: UBER) today announced an agreement to acquire majority ownership of Cornershop, a leading online grocery provider in Chile, Mexico, and more recently in Peru and Toronto.
The investment is expected to close in early 2020, subject to regulatory approval.
“Whether it’s getting a ride, ordering food from your favorite restaurant, or soon, getting groceries delivered, we want Uber to be the operating system for your everyday life,” said Dara Khosrowshahi, CEO, Uber. “We’re excited to partner with the team at Cornershop to scale their vision, and look forward to working with them to bring grocery delivery to millions of consumers on the Uber platform.”
“In 2015 we started Cornershop with primarily the Latin American market in mind and we couldn’t be more excited to work with Uber to help us take that mission much further,” said Oskar Hjertonsson, Founder and CEO, Cornershop. “Uber is the perfect partner as we embark on our quest to bring our unique flavor of on-demand groceries from incredible retail partners to many more countries around the world.”
After closing of the investment, Cornershop will continue to operate under its current leadership, reporting to a board with majority Uber representation.
Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 10 billion trips later, we’re building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.
Cornershop was founded by friends Oskar Hjertonsson, Daniel Undurraga and Juan Pablo Cuevas in 2015. Headquartered in Santiago, Chile, Cornershop is backed by Accel, ALLVP, Creandum, and JSV.
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