LINIO, Latin America’s largest and fastest-growing retailer, announced that it will receive an investment up to €25.000.000 (twenty five million Euro) from the Santo Domingo Group. €12.500.000 (twelve million five hundred thousand Euros) of such investment will come from Valorem.
LINIO will use the funds to fuel further growth in Colombia.
Launched in spring 2012, the Amazon-like LINIO offers Colombia’s widest choice of products online from beauty and fragrances to general merchandise (including mobile phones, baby & toys, books and home electronics), to fashion. LINIO was launched with the support of Rocket Internet – the worldwide leading incubator and accelerator for internet start-ups.
“We are excited to welcome Santo Domingo Group as our main partner and investor in Colombia. Both organizations share the same aspirations for ecommerce in Colombia, and we are now destined to build the most customer centric retail company in the country“, commented Vagn Knudsen, General Manager at LINIO Colombia. “This investment, which comes on the heels of a previous investment in LINIO by Tengelmann , JP Morgan Asset Management, and Summit Partners allows us to offer new categories of products, strengthen our operations, deliver even faster to our customers, and recruit the best talent.”Michael Shoemaker, Managing Director at Linio Colombia stated “Valorem’s investment in Linio is a testimony to Linio’s remarkable success to date as well as the Santo Domingo Group’s visionary investment strategies. They see that, with the right investment, Colombia and Latin America, as much as Silicon Valley, are capable of creating exceptional high-growth companies and outsized returns to investors.”
Andreas Mjelde, CEO for Linio Latin America, commented that “The investment in Linio Colombia by a renowned investor like Santo Domingo Group not only fortifies our position in Colombia, but is also a great testament to Linio’s position as the largest and most successful ecommerce company across Latin America, including our operations in Mexico, Peru and Venezuela.”
Founded in 1997, Valorem is an investment vehicle in Colombia, managing investment portfolios such as Caracol TV, Cine Colombia and Suppla, among others. “Linio’s model is very attractive for us because of its profitability, the growth potential of the e-commerce market in Colombia and because we are investing hand in hand with a great strategic partner, Rocket Internet” said Carlos Arturo Londoño Gutierrez, President of Valorem.