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Colombian on-inquire offer startup Rappi raises ‘over’ $500M at a $5.25B valuation

Rappi, a Colombian on-inquire offer startup, has raised “over” $500 million at a $5.25 billion valuation in a Sequence F round led by T. Rowe Mark, the firm announced slow Friday.

Baillie Gifford, Third Point, Octahedron, GIC and SoftBank also participated in the present funding tournament. Earlier backers consist of DST Global, Y Combinator, Andreessen Horowitz and Sequoia Capital.

The current financing brings Bogota-essentially essentially based utterly Rappi’s total raised since its 2015 inception to over $2 billion, in holding with Crunchbase. Right this moment time, the nation has operations in 9 nations and bigger than 250 cities across Latin The united states. Its closing elevate modified into once a $300 million funding round in September of 2020.

Per the Latin American Mission Capital and Interior most Equity Association (LAVCA), Rappi inquisitive about handing over drinks firstly, and has since expanded into meals, groceries, tech goods and treatment. The firm also offers a cash withdrawal characteristic, allowing users to pay with credit score playing cards and then procure cash from one amongst Rappi’s offer brokers. Right this moment time, the firm says its app enables patrons to “command almost any correct or service.”

As well as to feeble offer, it says “users can earn products delivered in lower than 10 minutes, can earn entry to financial companies, apart from to ‘whims,’ and ‘favors.’ ” Whims allow users to command anything else accessible in their coverage space. Favors offer an array of customized companies, equivalent to working an errand, going to the ironmongery store or picking out and handing over a present. The 2 products allow users to connect straight with a courier. 

Simón Borrero, Sebastian Mejia, and Felipe Villamarin launched the firm in 2015, graduating from Y Combinator the next year. A16z’s initial funding in July 2016 modified into once the Silicon Valley firm’s first funding in Latin The united states, in holding with LAVCA.

In January 2020, Rappi modified into once reported to maintain laid off round 6% of its workers, or about 300 workers.

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