DEALS
> Colombian last-mile delivery startup Rappi raised US$185m from Delivery Hero, Sequoia Capital & Andreessen Horowitz, among others.
- “We did a round of that size not because we’re in a battle but because we had that vision of being a little more bold, of being an everything store,” CEO Simón Borrero told Bloomberg.
- Rappi’s network now includes “9,000 Uber-style contractors, who work for it more or less full time, and serves more than 1 million customers. It isn’t yet profitable. Restaurants make up a little less than half the orders.”
> DST Global led a US$150m investment in Brazilian fintech Nubank, with participation from Thrive Capital, Dragoneer Investment Group, and existing investors Founders Fund, Redpoint Ventures, Ribbit Capital, and QED Investors. Previous investors include KaszeK Ventures, Sequoia Capital, and Tiger Global Management.
- Nubank has issued 3 million+ credit cards to Brazilians. By presidential decree, Nubank can now operate more like a bank, and recently launched NuConta, a digital transfer account, and NuRewards, a fidelity program.
- Nubank is the second Brazilian startup and third Brazilian company in 2018 to reach unicorn status, after 🚖 rideshare company 99’s acquisition by Didi Chuxing and media company PagSeguro’s IPO on the NYSE.
> Exceed Capital Partners led a US$26.9m Series B investment in Yogome, a Mexican edtech startup making games for children, with participation from Insight Venture Partners and existing investors Variv Capital and Seaya Ventures. Yogome raised a US$6.6m Series A in 2017.
- READ our interview with CEO Manolo Diaz (en español): Nuestro objetivo es crear una compañía que perdure por varias décadas y no que sea una moda o un producto de entretenimiento, sino realmente una necesidad. Entonces, es importante para nosotros estar a la vanguardia en términos de educación.
> Invus Opportunities made a R$54m investment in Brazilian edtech Descomplica, with participation from previous investors Valor Capital, Amadeus Capital, and Social Capital.
> SP Ventures, Syngenta Ventures, Bunge Ventures, and Endeavor Catalyst made a US$6m Series A investment in Argentine agribusiness marketplace Agrofy, with participation from farming conglomerate Cresud. Cresud and NXTP Labs invested previously. Agrofy co-founder Alejandro Larosa says “Agriculture is becoming digital”:
Farmers have changed their behaviors and now they use their smartphones and the internet before the make any purchase or sell decision. Now they are starting to use them to buy or sell products, get a credit or insurance or hire services like harvest or freights…. We will provide them with the technology, payment and logistic solutions to let them do e-commerce.
> monashees+ and Canary.vc made an undisclosed Series A investment in IDwall, a Brazilian validation and identification services startup, following a R$2m investment in 2017. 500 Startups previously invested R$500k.
> #CRYPTO 💰 Medici Ventures made a US$3m follow-on investment in Bitt, a blockchain-based digital payment provider based in Barbados, following a US$4m investment in 2016.
> Cedro Capital led a R$2m investment in Escola em Movimento, a Brazilian edtech communications platform.
> KICK Ventures made an undisclosed investment in Hitech Eletric, a maker of smart electric cars.
> FS Partners made a follow-on investment in RetailApp, a mobile/social platform based in Miami, with customers in Brazil, Argentina, Mexico, and Asia, after an initial investment in 2017.
> Endeavor Catalyst participated in Dalus Capital’s MX$121m Series A investment in Xertica, a cloud computing startup in Silicon Valley with operations in Mexico, Colombia, Peru, Argentina, and Ecuador. This is Endeavor Catalyst’s first investment in Peru.