Lokal raises US$700,000 to accelerate its expansion and technology in Chile

Lokal, a Chilean B2B marketplace founded in 2022, raised US$700,000 in a new funding round led by Discovery II, a fund managed by Invexor Venture Partners. The capital will be used to drive its expansion in Chile, grow its team, and develop an artificial intelligence tool focused on improving purchasing management for small businesses.

Lokal receives investment from Invexor Venture Partners

The startup was founded by Nicolás Sarquis, Alberto Morelli and Gabriel Lyon and enables small businesses to purchase products from different suppliers through a single platform.

Lokal currently connects more than 500 suppliers with 3,500 businesses across approximately 260 municipalities in Chile.

The new investment comes from Discovery II, a fund managed by Invexor Venture Partners, a firm founded in 2015 by Jorge Rodríguez and Cristián Undurraga.

After the deal, Lokal’s founders retain more than 75% of the company. The startup also became the first company in its cohort at the accelerator to close a funding round.

Sarquis and Morelli met while working at Fpay, Falabella’s fintech. They later partnered with Lyon, who had developed products for startups at Platanus.

A B2B marketplace for small businesses

Lokal’s platform aims to simplify the procurement process for neighborhood grocery stores, minimarkets, and pharmacies, enabling them to purchase products from different suppliers in one place.

In addition to facilitating purchases, the company offers credit options to finance orders and guarantees payment to brands.

This model places Lokal among a new generation of B2B marketplaces seeking to digitize procurement processes for neighborhood stores across Latin America. The Colombian startup Chiper is also active in this segment.

Artificial intelligence to optimize purchasing

With the new capital, Lokal plans to expand its current team of nine and continue its national expansion strategy.

The company aims to reach more than 100,000 small businesses in Chile.

As part of this goal, the startup will develop an artificial intelligence tool that recommends which products each retailer should buy, how much to order, and when to restock inventory.

With this technology, Lokal aims to reduce the time small-business owners spend managing inventory and procurement processes.

“If the future of commerce is local, the best tools should be designed with them in mind too,” said Nicolás Sarquis, Lokal’s cofounder.

Neighborhood stores account for nearly half of consumer sales in Latin America, although only a fraction of these transactions take place through digital channels.

Lokal’s journey before the new round

Before this latest investment, Lokal participated in Platanus Ventures and raised US$100,000 in 2022.

The startup has also received backing from the founders of companies such as HealthAtom, Buda.com, BabyTuto, and Helados San Francisco.

With Invexor’s investment, Lokal now has additional capital to accelerate its growth in Chile while continuing to develop technology around one of the biggest challenges facing small businesses: deciding what to buy, how much to buy, and when to restock inventory.

A market with room for greater digitalization

Lokal’s growth comes as B2B marketplaces seek to modernize how neighborhood stores across Latin America manage procurement and purchasing.

With the new funding, the Chilean startup will combine geographic expansion and artificial intelligence to strengthen its platform for small businesses and move closer to its goal of reaching more than 100,000 stores in Chile.