Investment

Movile raises US$400M for delivery business, iFood

LatAm List – Brazil’s mobile conglomerate, Movile, occasionally appears to be an unstoppable titan. Founded 20 years ago by Fabricio Bloisi, the company seeks to impact one billion people and become the Tencent for Brazil.

They have expanded through rapid acquisitions and a strong internal innovation cycle that allows Movile to test ideas and fail fast, outrunning the competition. Venture capitalist Nathan Lustig commented:

“With each new investment, Movile’s goal was simple: take a fast-moving startup and help it grow beyond what the founding team ever thought possible by infusing cash, human capital and any technical resources or expertise that the startup could possibly need.

One of their subsidiaries, a delivery app called iFood, is growing at rocket speeds, delivering over 11 million monthly meals. Movile recently mobilized US$400M in new capital from previous investors Naspers and Innova Capital to continue growing iFood.

 “Our entire ecosystem of companies is focused on allocating resources and energy towards our one billion people goal, and iFood is leading the way fueling unprecedented growth through its innovative technology platform, providing consumers, couriers and restaurants with the best experience in food ordering and delivery,” said Movile CEO Fabricio Bloisi in the original article for TechCrunch.

iFood will continue to grow and provide improved service to their customers using the investment, which is one of the biggest ever to be received by a Latin American startup.

Learn more about Movile and iFood:

TechCrunch coverage

Forbes coverage

Nathan Lustig’s article for TechCrunch

iFood CEO Carlos Moyses on the Crossing Borders podcast

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