Last-mile delivery startup 99 minutos raises $40M Series B

LatamList99 minutos, Mexico’s last-mile delivery platform, raised a $40M Series B funding round from Prosus and Kaszek Ventures. The startup will use the funding to expand its business in Latin America.

99 minutos provides last-mile delivery service for multiple e-commerce companies in Mexico, Chile, Colombia, and Peru. Services include delivery in under 99 minutes, same-day delivery, next-day delivery, and CO2-free delivery.

The platform charges the customer a flat fee for delivery and also offers drivers a flat rate. The platform makes a profit through the sheer volume of deliveries on each route.

“We ship about 60-80 packages per route. You can pause the delivery, change the address, or even say, ‘Oh, I’m not at home, I’m at the Starbucks on the corner, can you drop it off there?’,” said Alexis Patjane, co-founder and CEO of 99 minutos.

E-commerce is growing rapidly in Latin America and the startup plans to expand and improve operations to meet the market needs. Specifically, 90 minutos will use small aircraft to make same-day deliveries between cities.

Read more on TechCrunch.

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