Linio, Rocket Internet’s LatAm ‘Amazon’ has today received $50 million from Latin Idea, a prominent Mexico-based private equity fund and existing investors – which include JP Morgan Asset Management, Investment AB Kinnevik, the Tengelmann Group, Summit Partners, and Rocket Internet.
The financing round of USD 50M in fresh capital for Linio is expected to help fuel the firm’s growth in the market.
“We are delighted to have secured this new round of funding, which will allow us to continue our growth trajectory in existing markets, scale our operations, and continue to improve our service,” said Andreas Mjelde, CEO of Linio. “Due to their great experience in supporting businesses in this region, Latin Idea is the perfect partner for us on our path to become the leader in all markets in which we operate. It is our aim to use this funding to increase our market share and market leadership in Mexico, Colombia, Peru and Venezuela.”
This founding round follows another similar investment of €20 million from leading growth equity investor Summit Partners. The firm also in August launched a Android mobile app to enable its customers to shop on the go.
The firm has over 150,000 products of international brands such as Samsung, Nike, and Chanel in seven categories (Technology, Home, Fashion, Health & Beauty, Kids & Babies, Books & Magazines, and Sports) which can either be purchased easily online or on-the-go via the Linio mobile and then delivered directly to the customer’s doorstep in as little as 1-2 days.
Alex Rossi, Managing Partner of the Mexico-based Latin Idea was also thrilled with the deal, “We are thrilled to join Linio as an investor and partner. The company’s scale and achievements after only one year of operations are highly impressive. Given the management’s track record, the trend of online shopping, and the region’s macro outlook we are very confident in Linio’s success.”
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