The logistics startup 99minutos raised a $82M Series C funding round led by Oak HC/FT. Existing investors Kaszek and Prosus Ventures also participated in the round.
99minutos is a logistics service for e-commerce retailers across Latin America. The startup is using technology to build a reliable infrastructure to deliver e-commerce orders quickly and efficiently.
The logistics startup 99minutos provides next-day delivery, rather than the traditional 10-day wait provided by other services.
The Series C follows a $40M Series B from Prosus and Kaszek last May. At that time, the startup was operating in 40 markets across Mexico, Colombia, Chile, and Peru. This number is now 60, and the company aims to open in two more countries this year.
Founder and CEO Alexis Patjane says that the company will focus on scaling new business models ahead of further international expansion. Specifically, the logistics startup is looking at new sustainability initiatives with electric cars.
99minutos will also make new hires over the coming months to almost double the workforce to between 8,000 and 10,000 employees by the end of the year.
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