Naspers has led a $82m investment round into Movile, a global leader in mobile marketplaces to increase Movile’s participation in iFood, the leader in food delivery in Latin America.
Naspers led the investment with participation from the global investment fund Innova Capital.
“The food delivery market is expanding rapidly across the globe and iFood is at the forefront of innovation and growth as the leading food delivery business in Latin America. With that in mind, we will continue to invest in the company to scale iFood’s technology platform and accelerate product development so they can fulfill more orders and also provide an even better experience for restaurants and consumers,” explains Fabricio Bloisi, CEO at Movile. “We also have plans to invest more in tickets and, potentially, new areas where Movile Group can bring value to entrepreneurs and companies in their growth phase.”
Since its foundation, Movile has raised more than $250 million. The capital has been used to expand the company-owned businesses, intensify its operations in the O2O market and to accomplish more than 20 mergers, acquisitions and investments in startups such as PlayKids, Sympla, iFood, Rapiddo, Maplink, Apontador and SuperPlayer, among others.
“Naspers has been a long-time investor in Movile because we believe in their ability to build transformative mobile businesses in Latin America and beyond,” said Naspers Ventures CEO Larry Illg. “iFood in particular has demonstrated impressive execution and growth reaching 6.2M monthly orders in October 2017, becoming the leader in Latin America for food delivery, and continuing to expand throughout the region.”
