Sqrups – Global Social Impact Investments

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Reducing waste and expanding access through inclusive retail

Investment Date

April 2022

Fund

GSI Spain

Asset class

Equity (minority stake)

Operating in

Spain

Website

https://www.sqrups.es/

Million products recovered

women (+265 employees)

0 %

Distinct products with an average 57% discount

Sqrups sources surplus, discontinued, and short-shelf-life products from manufacturers and large retailers, offering them at accessible prices through a network of neighborhood stores. Sqrups’ model reduces waste and makes quality essentials affordable for low-income households.

The Challenge

Spain’s last-mile delivery sector has expanded rapidly with the rise of e-commerce, particularly in grocery and prepared food segments.

According to OECD and EU data, transporting goods within cities generates up to 30% of traffic and a substantial share of CO₂ emissions. At the same time, digital delivery platforms often fail to provide secure, protected jobs, deepening social inequalities.

However, this growth has exposed two major gaps:

The Solution

Sqrups rescues surplus stock from manufacturers and large retailers and redistributes it through stores primarily located in low-income areas and small towns. In parallel, it creates stable, fairly compensated jobs for people facing barriers to employment, with formal contracts, training, and progression pathways.

Circular economy

Quality employment

Inclusive retail

The Impact

+90

stores nationwide, with 25 new stores opened in 2024.

+265

employees, 70% women, and 8 women in management/leadership roles.

Over 4,000

distinct products offered at an average 57% discount.

+23

million products rescued from disposal and put back into use.

84%

of items are food and hygiene products, expanding access to essentials for budget-constrained households.

Why we invested

Double impact model: Combines circular economy and social inclusion through quality job creation and affordable access to essential products

Resilient growth: Strong business performance, expanding store network, and loyal customer base Regulatory tailwinds: Aligned with EU and Spanish initiatives to prevent waste and promote circular retail models.

Proven demand: Meets real consumer needs with a growing base of over 500,000 customers Strong alignment with GSIF Spain’s mission: Supporting underserved populations and contributing to a more sustainable and inclusive retail system

GSI’s role

With GSI’s support, Sqrups is:
Expanding its store network and logistics capacity
Building strategic partnerships
Scaling its circular and inclusive retail model across Spain

Scaling nationwide

Purchases and reducing reliance on expensive debt

Strengthening

Its tech platform

Becoming

Spain’s reference in zero-emission, fair-wage urban delivery

“At SQRUPS, we aim to do things differently, and with GSI, we found the perfect partner for that journey. Their work makes us more aware, more consistent, and more committed to our purpose.”

Raúl Espinosa

CEO, Sqrups

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