LatAm List – We originally reported that iFood, Brazil’s largest delivery app, had raised US$400M from Naspers and Innova Capital. That number was recently edited up to US$500M: potentially the biggest round ever raised in Latin America.
Latin American startups raised just under half a billion dollars in 2016. iFood’s latest round beats that total and brings the fundraising from just the past three months far above US$1B – the total amount raised in 2017.
“In order to keep growing exponentially like we have done, we have to invest like companies in the US and China do – and that’s what we will do over the next 14 months,” said Fabricio Bloisi, founder and CEO of Movile, iFood’s parent company, in a statement for Forbes.
iFood processed 10.8 million orders in October, up to 16 times more than their closest competitor. As food delivery companies like Rappi and Cornershop are raising ever-larger rounds, iFood has now joined the battle for last-mile delivery in Latin America.