Online grocery and fresh produce buyer Lola Market has closed a financing round aimed primarily at acquiring rival Comprea, doubling its size and strengthening its leadership in the sector.
About Lola Market
Lola Market is a food and fresh produce marketplace that takes care of the user's shopping in supermarkets, traditional markets and specialised shops, with the help of a personal shopper.
Since its recent founding in 2016, Lola Market has not stopped expanding its business model. Currently, the Madrid-based company is growing at a monthly rate of 40%, with an average basket per purchase of around €100 and a repeat rate of 60%, which means that six out of every ten consumers who try its service come back to use it again.
Lola Market buys Comprea
Lola Market has announced the closing of a new financing round, totalling €4.5M to date, which aims, among other things, to complete the acquisition of rival Comprea. With this purchase, Lola Market doubles its size by adding the sales volume and customers of both companies, and strengthens its leading position in the online grocery shopping sector. The resulting company will be stronger than ever, combining the technological power of Comprea with the business model of Lola Market, based on its offer of fresh products and traditional markets, as well as large supermarkets.
Buy is an online shop window where supermarkets can advertise to reach a new and growing type of customer who wants to do their daily shopping online. This startup is part of the so-called "mom-apps" segment: an app through which the user places an order for fresh produce, and the supermarkets can advertise on it to reach a new and growing type of customer who wants to do their daily shopping online. Pickup Drivers (Comprea's delivery team) make the purchase and deliver it within one hour.
The joint venture will operate in Madrid, Barcelona and Valencia, and will have agreements with major supermarket groups such as Dia, Carrefour, Mercadona and El Corte Inglés. In this way, Lola Market will reinforce its logistical efficiency and increase the range of its fresh food section, as well as the number of establishments where online shopping can be carried out.
Online shopping for fresh produce: main rounds in 2017
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