Mexico-based online grocery platform Jüsto has secured $152m in a Series B funding round.

The company will use proceeds from the funding to facilitate its growth, including geographic expansion within Brazil, Mexico and Peru, as well as enter new markets in Latin America.

In addition, Jüsto will use the funding to upgrade its tech stack.

The funding round was led by growth equity firm General Atlantic and included contributions from Tarsadia Capital, Citius, Arago Capital, Foundation Capital and Quiet Capita.

The investment has taken Jüsto’s total amount of funds raised to more than $250m.

The company was founded in 2019 and has operations in Mexico, Brazil and Peru.

Jüsto founder and CEO Ricardo Weder said: “We view this latest growth investment as a testament to our investors’ trust in Jüsto, our business model, our team and the exciting opportunity we are pursuing.

“We are fully committed to transforming the grocery industry in Latin America, and with this investment, we are one step closer.

“We are thrilled with our partners’ continued support and look forward to our next phase of growth in Brazil, Mexico and Peru and across Latin America more broadly.”

The funding comes after Jüsto ended the fiscal year 2021 with ‘strong’ performance.

The company experienced a fivefold increase in revenue driven by consumers’ transition to digital solutions.

Jüsto introduced its operations in São Paulo, Brazil, last year and acquired Peruvian e-grocer Freshmart in October.

The company implements artificial intelligence (AI) technology to forecast demand and reduce waste in micro-fulfilment centres.

It also uses proprietary software to manage, pick and deliver customer orders.

Founded in 1980, General Atlantic has provided capital and strategic support to more than 445 growth companies.

The company aims to combine a collaborative global approach, sector-specific expertise, a long-term investment horizon and strong understanding of growth drivers.