Rappi receives investment of 1,000 million dollars



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The Colombian unicorn Rappi, of domiciles and electronic commerce, confirmed the secret to voices that hours before had given the return to the world: an investment of up to $ 1,000 million (approximately $ 3.2 billion) by the powerful Japanese group SoftBank Group and the SoftBank Vision Fund.

This has been the largest such investment for a technology company in Latin America. It will be $ 500 million from the SoftBank Innovation Fund for Latin America and another $ 500 million from the Vision Fund, which has already invested in companies such as Uber and WeWork.

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This is a transaction that puts the organization, co-founded by Colombians Simón Borrero, Sebastián Mejía and Felipe Villamarín, in the global spotlight of the business world. In his previous round of investment, in which Rappi raised $ 200 million, he became a unicorn when valued at $ 1 billion. It is not known exactly when the company was evaluated, but it is estimated that its value is now around $ 2,500 million.

"This is the result of the hard work of all members of our team, who are absolutely committed to transforming the quality of life of Latin Americans. We will continue to invest in innovations that create markets and provide opportunities for millions of people in the region. It's time to have a technology-driven Latin America and Softbank's support is essential to leading this transformation, "said Simón Borrero, co-founder and CEO of Rappi.

Founded in 2015, Rappi operates in Colombia, Brazil, Mexico, Argentina, Peru, Uruguay and Chile, helping to improve users' lives by offering products in various categories, including supermarkets, restaurants, pharmacies and even digital payment services.

According to the company, this investment will accelerate Rappi's growth in new markets throughout the region, as well as in the area of ​​new products and services.

"The founders of Rappi have a bold vision to create the first multi-service platform for Latin America that has improved the lives of millions of people in the region. In less than four years, Rappi has become one of the fastest growing companies in Latin America. This accelerated growth reflects the great opportunity that exists in the Latin American region. We are excited to be investing in this passionate team of entrepreneurs and we believe that Rappi will benefit from being part of SoftBank's broad ecosystem, "said SoftBank Group CEO and SoftBank Innovation Fund's CEO, Marcelo Claure of Bolivia.

In an interview with MoneyClaure said that Colombia should be proud of Rappi, "because it is the first unicorn in the country."

Claure pointed who are looking for entrepreneurs who have a disruptive business model, who have the ability to challenge traditional industries using technology, artificial intelligence, to basically break down traditional business schemes.We found it all over the world and we discovered a lot in Latin America. "

So he said that in many cases the limitation is the lack of capital and that there is very little money in the region. At that time, he referred to Rappi saying, "Every once in a while you find some who make a model as good as Rappi who brings investors from abroad."

"The vision of SoftBank to accelerate the technological revolution, This fits into our mission to improve the way people live through digital payments and a super-application for everything users need. We will continue to focus on creating innovations for rappitenderos, restaurants, retailers and new start-ups, so that they become new sources of growth, "said Sebastián Mejía, co-founder of Rappi.

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In 2018, Rappi multiplied by seven the number of products delivered and registered a monthly growth of 20% in the seven countries where it operates. In addition, Rappi was accelerated by the Y Combinator in 2016.

Following the deal, Jeffrey Housenbold, a partner at SoftBank Investment Advisers, said he is investing in "an incredible opportunity for long-term growth for Rappi."

"This rapidly growing company has the potential to in addition to its current business and become one of the most important technology companies in Latin America. By creatively addressing the region's market dynamics, Rappi is building a robust technology platform for products and services designed to revolutionize the way consumers buy and live their lives, "added Housenbold.

With the investment, Housenbold will occupy a position on Rappi's board. SoftBank Group and Vision Fund join the & # 39; club & # 39; of Rappi's investors, which are part of DST Global, Delivery Hero, Sequoia Capital, Andreessen Horowitz and Y Combinator.

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