Coco Mercado

Coco Mercado operates as an online supermarket and delivery platform designed to facilitate the sending of groceries, medicines, and other essential goods to individuals in Venezuela from anywhere in the world. Founded in 2017 by brothers Victor and Kevin Charles, along with Francisco Martín Toro, the company addresses the specific needs of the Venezuelan diaspora, which is estimated to exceed seven million people. The founders, two of whom are Venezuelan-born brothers based in New York, created the platform after recognizing that a significant portion of remittances sent to Venezuela were used for purchasing food. This insight led to the development of a service that bypasses the complexities of money transfers, allowing users to directly purchase and deliver goods to their families.

The company's business model is centered on e-commerce, operating as a multi-store platform that connects expatriates with various supermarkets and pharmacies within Venezuela. Customers, referred to as "Remitentes," can place orders through the Coco Mercado website or mobile application, select a beneficiary, and have the goods delivered to their doorstep. The company generates revenue by taking a small percentage of the final transaction amount and has partnered with Stripe for payment processing. The platform is available for use in over 100 countries for making purchases for delivery within 23 states in Venezuela. Initially named "Coco" as a derivative of "Compras Colectivas" (Collective Purchases), the service began with a basic model of remote shoppers completing orders before evolving into the current platform.

Headquartered in Miami, USA, with a presence in San Francisco, CA, Coco Mercado targets expatriates and anyone looking to support relatives in Venezuela. The platform offers a secure payment system, a wide variety of quality products, and order tracking capabilities through its app. This service provides a direct and efficient alternative to sending monetary remittances, ensuring that support reaches families in the form of essential goods. The company has received backing from investors including Inca Ventures, Accel Impact Ventures, and others, raising approximately $2.98 million to date.

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