What is Mercato?
Mercato, formerly known as Manhattan Fruit Market, is a specialized fruit and vegetable market operating out of Chelsea Market in Manhattan. The company distinguishes itself by offering an extensive selection of produce, including rare and seasonal items not typically found in standard grocery stores. It provides online ordering and rapid local delivery services within Manhattan, catering to a discerning clientele that values high-quality, handpicked fruits and vegetables. Their product catalog encompasses a wide array of seasonal fruits, exotic varieties like dragon fruit and lychee nuts, alongside various herbs, potatoes, and mushrooms, meeting the demand for unique and fresh grocery items delivered with convenience.
How much funding has Mercato raised?
Mercato has raised a total of $26.1M across 2 funding rounds:
Debt
$150K
Series A
$26M
Debt (2020): $150K with participation from PPP
Series A (2021): $26M led by Velvet Sea Ventures, Loeb Enterprises, Team Europe, and Greycroft Partners
Key Investors in Mercato
Team Europe
TEAM GLOBAL MANAGEMENT GmbH, operating under the Team Europe umbrella, is an organization focused on creating societal value through technology, with interests in air mobility solutions and climate initiatives.
Greycroft Partners
Greycroft is a venture capital firm specializing in internet and mobile markets, leveraging its network to support entrepreneurs in building successful businesses.
Loeb Enterprises
Loeb Enterprises is an investment firm with a focus on various sectors, indicated by its involvement in Mercato's funding round.
What's next for Mercato?
The recent major strategic investment into Mercato signals a pivotal growth phase, likely aimed at expanding its operational reach, enhancing its delivery infrastructure, and potentially broadening its product catalog. This infusion of capital, particularly in the context of enterprise-level funding, suggests a strategic focus on scaling its business model to capture a larger market share within the premium grocery delivery sector. Future developments may include technological advancements in logistics, strategic partnerships, and further market penetration within New York City and potentially beyond.
See full Mercato company page
