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Start of Colombian delivery on demand Rappi confirmed Tuesday afternoon a "$ 1 billion investment" from SoftBank. The stimulus was achieved with a valuation of $ 2.5 billion before the money, according to a Bloomberg report report.
Last month we reported that SoftBank Group Corp. (SBG) had unveiled plans for a $ 5 billion SoftBank innovation fund, or what he describes as "the greatest technology ever This fund is dedicated exclusively to the fast-growing market in Latin America. " The financing, which is the first investment of the new SoftBank innovation fund, was completed alongside the SoftBank Vision Fund. The SoftBank Group and the Vision Fund will each invest up to $ 500 million in Bogota-based Rappi, according to a company statement.
According to Rappi, this investment is also the largest technology funding ever to date in a Latin American-based company.
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Since its creation in 2015, Rappi has now collected around $ 1.4 billion–more recently, bringing in about $ 200 million D Series last August that led to the status of unicorn, according to the report of the start-up Crunchbase profile. Yuri Milnerof the DST Global led this round, which included the participation of existing investors, including Sequoia Capital and Andreessen Horowitz (a16z).
The chart below shows the latest funding phases for Rappi.
According to the Latin American Venture Capital and Private Equity Association (LAVCA) Rappi's first focused on the delivery of beverages and has since expanded its business to catering, groceries, technological products and medicines. The company also offers a cash withdrawal feature that allows users to pay with credit cards and receive money from one of Rappi's delivery agents. According to LAVCA, the company's courier fleet uses only motorcycles and bicycles to reduce costs.
Rappi said last year it had "multiplied by seven the number of products delivered and recorded a monthly growth of 20%" in the seven countries where it operates: Brazil, Colombia, Mexico, Argentina, Chile, Uruguay and Peru .
Simón Borrero, Sebastian Mejia and Felipe Villamarin launched the company in 2015 and graduated from Y Combinator the following year. A16z's initial investment in July 2016 was Silicon Valley's first investment in Latin America, according to LAVCA.
Marcelo Claure, COO of SoftBank Group, CEO of SoftBank International Group and CEO of the Innovation Fund, said about the company: Millions in the region. In less than four years, Rappi has become one of the fastest growing start-ups in Latin America. This rapid growth is indicative of the tremendous opportunities in Latin America. "
In general, the Latin American region has seen an increase in venture capital investments and increased interest from global investors, which you can learn more about. right here.
Editorial note: Funding has been confirmed after the publication of this article. We have revised the title and article to reflect this changee.
Illustration: Li-Anne Dias
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