INSUBCONTINENT EXCLUSIVE:
The Brazilian technology conglomerate Movile has just raised one of the largest rounds ever recorded for a Latin American startup, pulling
in an additional $400 million for its iFood subsidiary from existing investors, including Naspers and Innova Capital.Founded roughly 20
years ago by chief executive officer Fabricio Bloisi, the company, which began as a digital content studio for mobile device, has grown into
a mobile services and content empire with aspirations of reaching 1 billion people.The company is on its way with estimated revenues more
iFood alone recorded 10.4 million delivery orders for the month of October and the growth of the business is nothing short of
109 percent growth, compared to 183,000 from October 2017
of transforming the lives of more than one billion people and thus we are able to continually back iFood to ensure it remains the market
the way fueling unprecedented growth through its innovative technology platform, providing consumers, couriers and restaurants with the best
its aggressive mergers and acquisitions strategy across the region and an ability to rapidly spin up and shut down business units as it
experimented with what could work for Latin American consumers.The goal for Bloisi was always to create a multi-billion-dollar business that
could span the globe and compete with any of the technology giants hailing from Silicon Valley or, increasingly, China.Indeed, as Movile
expands, its model is looking more and more similar to another Naspers portfolio company, the Chinese mammoth of mobile messaging and
in content, payments and delivery all housed under its roof
And as the connections between online and offline commerce increase, food delivery is emerging as the central hub for that plan, as our
contributor, Nathan Lustig wrote for us earlier this year.The insights and data that Movile gathered during its strategic venture capital
investments in iFood were critical
During this time, Movile built the foundation for its investments that followed shortly after, and learned how to make them a success
possible by infusing cash, human capital and any technical resources or expertise that the startup could possibly need.Movile quickly
in its Series D round in 2014
This new round of financing led to even more acquisitions, including the acquisition of Rapiddo, ChefTime and FreshTime
technology platform, and increase our courier and restaurant partners to even better serve our current and future customers in Latin
