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Rappi represents a new era for Latin American technology startups.
Based in Bogotá, Colombia, the new on-demand distribution company has stormed the region, attracting a record amount of venture capital funding in just a few short months. Today marks the beginning of a new wave of explosive growth as SoftBank, The Japanese telecommunications giant and prolific investor in Silicon Valley's technology has confirmed a $ 1 billion investment in the company.
This exceptionally large funding comes two months after SoftBank announced the creation of its innovation fund, a new capital pool committed to spending billions of dollars on the growing technology ecosystem in Central and South America. from South.
Venture capital funds in Latin America have reached new heights in 2018. According to PitchBook, nearly $ 2.5 billion has been raised through start-ups in Argentina, Brazil, Chile, Colombia and Colombia. in other countries, against less than a billion dollars invested in 2017.
According to a press release, SoftBank plans to transfer the investment of Rappi to the innovation fund "from its inception". For the moment, the SoftBank Group and Vision Fund affiliate will each invest $ 500 million in the company. Jeffrey Housenbold, SoftBank's chief investment officer for Brandless, Opendoor and DoorDash, will join Rappi's board of directors.
"SoftBank's vision of accelerating the technology revolution has been profoundly consistent with our mission to improve the way people live through digital payments and a super-application for all that consumers need," said the co-founder. of Rappi, Sebastian Mejia. "We will continue to focus on creating innovations for couriers, restaurants, retailers and new businesses, which will result in new sources of growth."
Mejia, Simón Borrero and Felipe Villamarin launched Rappi in 2015, coming out of Y Combinator start accelerator the following year. The company quickly attracted the attention of US venture capitalists, including Andreessen Horowitz of DST Global and Sequoia Capital .
The last round, the largest ever for a technology startup in Latin America, allowed Rappi to reach a total of $ 1.2 billion. The company was valued at more than $ 1 billion last year with $ 200 million in funding.
Rappi is one of the few "unicorns" based in Latin America. Nubank, a fast growing Fintech company based in São Paulo, realized a $ 4 billion valuation last year with a $ 180 million investment.
Rappi did not immediately respond to a request for comment.
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