LatAm List – In March 2018, LatAm List speculated alongside Bloomberg that Japanese investment bank, Softbank, would invest up to US$150M in Brazilian logistics startup, Loggi. This morning, this speculation became a reality, as Loggi announced a US$111M round led by Softbank. The firm is betting on a continued boom in Brazilian e-commerce that will drive the need for delivery and logistics.
Loggi connects businesses with couriers who use anything from motorcycles to vans to complete orders. The startup handles the delivery of food and goods, following Rappi‘s model of keeping delivery-people busy even outside of mealtimes.
“Brazilian logistics is fragmented, inefficient and under-invested, making it an attractive market for disruption. We believe Loggi is the market leader and is unlocking the growth of the on-demand economy,” ” said Akshay Naheta, partner at SoftBank Investment Advisers.
Loggi previously raised $3.3 million from Qualcomm Ventures and Dragoneer Investment Group. The startup has processed over 3 million deliveries and is growing at 25 percent per month. Loggi is tackling an e-commerce market that is growing at 12% per year, offering a massive opportunity for Softbank and other investors.
Read more in Bloomberg.