The funding will help Favo expand within Brazil and into Mexico. Here are the top-line bullets you need to know.
Favo, a Brazilian social commerce platform, has raised $26.5M in a Series A. The round drew participation from Tiger Global Management, Positive Ventures, and Elevar Equity, among others.
How’s the company performing?
- Sao Paulo-based Favo’s platform enables buyers to place grocery orders (via its app) and under-employed, local entrepreneurs to deliver those orders.
- The platform currently caters to 160,000 buyers and has 10,000 partner sellers in its network.
- The company claims to have completed more than 700,000 deliveries since February 2020 and is seeing 30% revenue growth month-over-month.
- Favo currently offers more than 3000 products on its platform.
Why does the market matter?
- The global logistics market is projected to grow at a CAGR of 6.5% and reach a value of $12.98T by 2027, according to Allied Market Research.
- The pandemic-induced increase in demand for fast-moving consumer goods (FMCG), medical supplies, and other consumer goods has accelerated the growth of online retail, elevating the need for logistics solutions addressing last-mile delivery.