IDB Invest Fosters E-grocery Shopping and Job Creation with Merqueo in Mexico, Colombia and Brazil

• The deal includes an innovative source of financing in e-commerce through a mezzanine facility to support MSMEs

WASHINGTON, May 18, 2022 /PRNewswire/ -- IDB Invest and Blue like an Orange Sustainable Capital provided a $22 million financing package to Merqueo, the first full-stack e-grocery delivery player in Latin America with operations in Mexico, Colombia and Brazil. This includes a $4 million mezzanine facility from IDB Invest and $18 million mobilized from Blue like an Orange. The proceeds will help Merqueo expand in Brazil and enhance its technological platform.

The financing will foster retail supply chain growth and job creation, as Merqueo is expected to strengthen its backward linkages. Merqueo will also increase purchases to domestic suppliers in Brazil, where 80% are micro, small and medium enterprises (MSMEs), as well as boost job creation expecting to hire more than 2,000 workers by 2025.

IDB Invest will also offer advisory services to develop a robust and actionable sustainability strategy to better identify, manage and measure Environmental, Social and Governance (ESG) aspects across its operations.

The deal is expected to contribute to five UN Sustainable Development Goals: Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9), Reduced Inequalities (SDG 10) Responsible Consumption and Production (SDG 12), and Partnerships for the Goals (SDG 17).

IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $14.8 billion in asset management and 376 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.

Merqueo is building the largest dark store logistics network in Latin America to deliver groceries faster and cheaper. Its catalog encompasses up to 10,000 products including fresh fruits and vegetables, imported products, liquors, household items, personal care goods, and more. Currently, the company operates in Mexico, Colombia and Brazil.

Blue like an Orange Sustainable Capital seeks opportunities to lend to companies and projects that deliver both strong risk-adjusted returns and positive social impact in support of the UN's Sustainable Development Goals.

Media Contact:
Ana Lucia Escudero
analuciae@iadb.org

Photo - https://mma.prnewswire.com/media/1820414/GettyImages_1159440600.jpg
Logo - https://mma.prnewswire.com/media/1677970/IDB_Invest_Logo.jpg