Colombian on-demand delivery :
Rappi, a Colombian on-demand delivery startup, has raised “over” $ 500 million at a valuation of $ 5.25 billion in a Series G round led by T. Rowe Price, the company said Friday evening .
Baillie Gifford, Third Point, Octahedron, GIC SoftBank, DST Global, Y Combinator, Andreessen Horowitz and Sequoia Capital and others also participated in the round.
The new funding brings the total raised by Rappi since its inception in 2015 to more than $ 2 billion, according to Crunchbase. Today, the country is present in 9 countries and more than 250 cities in Latin America. Its latest raise was a $ 300 million Series F funding round in September 2020.
According to the Latin American Venture Capital and Private Equity Association (LAVCA), Rappi focused on beverage delivery and first, and has since expanded into meals, grocery shopping, technological products and drugs. The company also offers a cash withdrawal feature, allowing users to pay with credit cards and then receive money from one of Rappi’s delivery agents. Today, the company claims that its app allows consumers to “order almost any good or service.”
In addition to traditional delivery, he states that “users can get products delivered in less than 10 minutes, can access financial services, as well as ‘whims’ and ‘favors’. Whims allow users to control whatever is available within their coverage area. Favors provide a range of personalized services, such as running an errand, going to the hardware store, or choosing and delivering a gift. Both products allow users to connect directly with a courier.
Simón Borrero, Sebastian Mejia and Felipe Villamarin started the company in 2015, graduating from Y Combinator the following year. A16z’s initial investment in July 2016 was the Silicon Valley company’s first investment in Latin America, according to LAVCA.