Morado raises $5M to accelerate growth in Colombia and beyond
Category: #retail  By Pankaj Singh  Date: 2022-04-21
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Morado raises $5M to accelerate growth in Colombia and beyond

Morado, an operator of a B2B marketplace for the beauty and wellness industry, has reportedly secured a pre-seed funding round worth $5 million.

This funding round has been co-led by H20 Capital Innovation and Tiger Global Management, along with participation from Latitud and Village Global (backed by Mark Zuckerberg, Jeff Bezos, and Bill Gates), QED, and Andreessen Horowitz (a16z).

In addition, a group of angel investors also participated in the latest funding round, including founders from Truora and Chiper, Tul’s Enrique Villamarin, Frubana’s founder Fabian Gomez, and Rappi’s founder Simon Borrero, among others.

Morado’s Founder and CEO, Angela Maria Acosta, served as an early Rappi employee for four years and assumed a variety of roles, including the launch of grocery as well as operating as business development head at Rappi Pay.

Acosta has reportedly cited that Morado is the everything store that includes hair products, uniforms, cleaning products, and other items for the beauty shops.

In Latin America, there are above 700,000 beauty salons and the supply chain in the industry has not been revolutionized over the past 40 years. The industry also lacks technological innovation in every aspect, with 85% of the beauty salons have not yet adopted any form of digital tools, she added.

According to Morado, in its first thirty days of operation, it already has national coverage for deliveries across Colombia. The company is also serving more than 60 employees, of which, 72% are women. For the record, the startup is planning to use the recently secured fund to accelerate growth in Colombia and further position the brand in Mexico, where it aims to move in 2022.

Notably, the startup is targeting to reinvent the supply chain through next-day deliveries and vertical software technology.

H20 Capital Innovation’s General Partner and Co-founder, Daniel Lloreda, has reportedly stated that the company holds a high belief in taking a verticalized approach to digitizing industries with a clear roadmap for the financial operating system.

Source credit:

https://techcrunch.com/2022/04/20/morado-a-two-month-old-colombian-marketplace-for-the-beauty-industry-raises-5m-in-pre-seed-funding-from-the-likes-of-tiger-global-and-a16z/



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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