LatAm List – Less than 24 hours after announcing a $200M investment in Brazil’s Creditas, Softbank took the lead in a $150M investment in Brazilian delivery logistics platform, Loggi. This round reportedly pushed Loggi’s valuation above $1B.
Softbank’s co-investors in the round included GGV Capital, Fifth Wall, Velt Partners and Microsoft. The Japanese investor previous invested $100M in Loggi in 2018 as a part of a $111M round with support from Kaszek Ventures and Iporanga Investmentos.
Loggi currently makes 3 million deliveries per month across 33 cities, with more than 10,000 motorcycle and van drivers in their fleet. Brazil’s logistics industry makes up 12.7% of their GDP, making it an attractive market for investment.
Loggi will use the funds to hire a team of 1000 developers, as well as to create delivery hubs to provide faster service to customers. Loggi added 400 developers to its team in early 2018 by acqui-hiring Internet advertising company, WorldSense.
Loggi has raised over $295M to date since 2014, when it was launched as a document delivery company. Now Loggi manages a wide range of delivery options, from food to daily deliveries for Latin America’s largest e-commerce companies like Dafiti and MercadoLibre.