99minutos, a logistics service company for e-commerce vendors across Latin America, is making fast work out of attracting funding. It announced $82 million in Series C funding.
The round was led by Oak HC/FT, with participation from existing investors Kaszek and Prosus Ventures.
99minutos intends to invest the new funding into scaling new business models, expanding into new geographic areas with Latin America, and new sustainability initiatives in line with the company’s low-carbon goals of increasing its use of electric vehicles.
Company: 99 Minutos, Inc.
Raised: $82.0M
Round: Series C
Funding Month: March 2022
Lead Investors: Oak HC/FT
Additional Investors: Kaszek and Prosus Ventures
Company Website: https://99minutos.com/
Software Category: e-commerce delivery
About the Company: Founded in 2014 by Alexis Patjane, 99 Minutos is an e-commerce delivery company that operates in Latin America. 99 minutos is a last-mile logistics disruptor for LatAm's burgeoning e-commerce space. The company enables enterprise e-commerce clients to reliably same-day deliver products at low cost - a first for the region. Meanwhile, 99minutos has 5,000 employees working from Mexico, Colombia, Chile, and Peru, and Patjane aims to reach between 8,000 and 10,000 by the end of the year. It is also working with over 120,000 customers, mainly business-to-business companies. Revenue grew three times year over year. The company opened more than 500 stations, which include printing stations for labels, where people can pick up or drop off their packages. Patjane expects to increase the number of those “hubs” to 8,000 in Mexico by the end of the year. Currently operating in Mexico, Chile, Colombia, and Peru.
Source: https://techcrunch.com/2022/03/02/99minutos-logistics-infrastructure-latin-america/