Lokal raises $700K to expand across Chile

Chilean B2B marketplace Lokal raised $700K from Invexor Venture Partners’ Discovery II fund.

Founded in 2022 by Nicolás Sarquis, Alberto Morelli, and Gabriel Lyon, Lokal enables convenience stores, minimarkets, and pharmacies to buy from multiple suppliers through one platform. Lokal also provides credit to finance orders and guarantees payments to suppliers.

With the funds, Lokal will expand its nine-person team, grow across Chile, and develop an AI tool that recommends which products merchants should buy, how much to order, and when to restock.

Lokal connects more than 500 suppliers with 3,500 retailers across about 260 municipalities in Chile. Lokal aims to reach more than 100,000 small retailers.

Source: LatamList