InHouse Market, a Brazilian retail tech from Ceará state that operates 24-hour self-checkout minimarts in condos and companies, has just raised BRL 1.9 million from 379 investors. The crowdfunding round was made through the CapTable platform, an investment hub that, last year, raised BRL 65 million for 45 startups. According to CapTable’s plans, the InHouse round was the first of 70 expected for 2022.
Valued at BRL 32 million, InHouse was founded in 2020 with the proposal of bringing into condos and companies the minimarts, ideal for quick purchases. According to the startup, this kind of shopping accounts for about one-third of the supermarket purchases by Brazilian families. By taking the minimart to the consumer’s home (or work), InHouse Market adds convenience and technology to “quick shopping”.
The startup currently operates with its own and licensed stores. The company’s own stores are located in the Fortaleza city area. For the operation of its own stores, InHouse Market counts on its own logistics structure, with a distribution center and vehicles to transport the goods.
In the case of the licensed units, the licensees have commercial and operational support, in addition to using the startups’ technology, such as management and B2C app, accounting support, and 24-hour service for the condo residents and corporate employees. The retail tech works with a 100% digital commercial model, with lead generation via digital marketing and remote sales, focusing on finding entrepreneurs who want to become licensees.
“In the last year, InHouse Market has opened 162 minimarts in 12 states. We have a solid and assertive growth strategy, since knowing the customs and particularities of each region in Brazil is very important to have an ideal product mix and even to reach the condos,” said Yan França, co-CEO at InHouse Market.
The startup intends to use 35% of the investment to open new stores and expand the business in the state of Ceará. Most of the resources will be allocated to technological development, considering the new versions of the B2C app and management system, and solution rollout. The remaining 17% will be used in the commercial and administrative areas.
This is the third funding round raised by the startup. In the first one, in October 2020, InHouse Market got BRL 2 million with 28 investors. In April 2021, the startup secured BRL 200,000 exclusively to speed up software development. Since the first fundraising, the company claims that its valuation has grown 290%.