Rappi raises over US$300 million

Contxto – It’s official: Rappi is raising big funds. We’d previously reported that the Colombian unicorn had rallied US$155.8 million as per a recent SEC filing. But the startup, via press release confirmed today (24) that it raised more than US$300 million.

It’s worth pointing out that within the aforementioned SEC document, the startup is aiming for US$350 million.

“We’re happy to be working with this team of investors who trust our growth model and believe in our region and the role we have to play in promoting local commerce and actively contributing to the region’s economic recovery. This round of investments will allow us to fund the business, our partners, and the future,” said Rappi in a statement.

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Rappi 2020 investment round

This constitutes the first funding round for the Colombian startup since its skyhigh US$1 billion investment led by SoftBank last year. And as a result, the unicorn has raised a total of ~US$1.7 billion.

According to the document, a total of 77 investors contributed this time around.

Names that pop up on the filing include investors from previous rounds including Michael Abramson (Partner at Sequoia Capital), Lars Niklas Ostberg (co-Founder and CEO at Delivery Hero), and Jeff Housenbold (Managing Partner at SoftBank).

Rappi on the road to super-app stardom

Entrepreneurs Simón Borrero, Felipe Villamarin, and Sebastián Mejía founded Rappi in 2015. After participating in Y Combinator in 2015, the startup quickly began blitzscaling its food delivery services beyond Colombia and into the rest of Latin America.

It currently operates in nine countries. Though now it seems quite settled in geographical terms. So rather than reach new locations, it’s been busy stretching into various verticals.

Indeed, the unicorn has been abuzz with new developments throughout the pandemic. From live concerts to remote healthcare services, grocery deliveries, video games, buying a used car, even gambling is possible through the app. 

Add in the payment services the startup had already rolled out and it’s clear it’s the biggest (if not the only) contender for super app status in the region.

Related articles: Tech and startups from Colombia!


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