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LINIO, an Amazon clone and Latin America’s largest, fastest-growing e-commerce retailer with operations in Colombia, México, Peru and Venezuela has received an investment of €20 million from leading growth equity investor Summit Partners.
Summit Partners will take a stake in LINIO through its German holding company, and LINIO will use the funds to further growth in Latin America. Launched in spring 2012, LINIO offers Latin America’s widest choice of products online from beauty and fragrances to general merchandise, including mobile phones, baby & toys, books and home electronics.
LINIO was launched with the support of Rocket Internet – the leading incubator and accelerator for internet start-ups around the world. “We are excited to be joined by Summit Partners, a new investor that shares our aspirations for Latin America’s e-commerce“, commented Vagn Knudsen, General Manager at LINIO Colombia. “This investment, which comes on the heels of a previous investment in LINIO by the Tengelmann Group and JP Morgan Asset Management, allows us to offer new categories of products, strengthen our operations, deliver to our customers even faster, and recruit the best talent.”
Founded in 1984, Summit Partners is a leader in growth equity and credit investing for rapidly growing companies. Summit Partners has invested in more than 365 growing businesses across North America, Europe and Asia, and has raised nearly US$15 billion since inception. “We seek to invest in companies around the world that build long-term value. LINIO has established itself as a fast-growing company early on, and we are pleased to partner with its management team,” said Scott Collins, a Managing Director and head of the Summit Partners London office.
