It’s official: Rappi is raising big funds. We’d previously reported that the Colombian unicorn had rallied US$155.8 million as per a recent SEC filing. But the startup, via press release confirmed today (24) that it raised more than US$300 million.
It’s worth pointing out that within the aforementioned SEC document, the startup is aiming for US$350 million.
“We’re happy to be working with this team of investors who trust our growth model and believe in our region and the role we have to play in promoting local commerce and actively contributing to the region’s economic recovery. This round of investments will allow us to fund the business, our partners, and the future,” said Rappi in a statement.
Colombian delivery app Rappi is reportedly set to expand operations to nearly 100 new cities around the world by the end of this year.
Rappi is currently operating in 55 cities across seven Latin American countries including, Brazil, Argentina, Chile, Colombia, Mexico, Peru and Uruguay.
The news comes barely three months after the Colombian firm received US$1 billion in venture capital from Japanese investment group Softbank, setting a milestone in the region’s startup scene.
SoftBank Group Corp. is close to making a $1 billion investment in Latin American delivery app Rappi, according to people familiar with the matter. The investment is likely to be led by the Japanese company’s newly formed Innovation Fund, which was launched by SoftBank Chief Operating Officer Marcelo Claure to focus on technology investments in Latin America, said the people, who asked not to be identified because the details aren’t public. It’s expected to invest alongside the conglomerate’s Vision Fund, the people said.
Investment in Latin American tech continues to reach new highs. In the first quarter of 2018, more than $600 million was invested. That followed a record 2017, which was the first time VCs funneled more than $1 billion into the continent’s tech ecosystem during a 12-month period.