99 Minutos Raises US$82 Million To Scale New Business Models

Pexels Artem Podrez 5025647 Pexels Artem Podrez 5025647
Pexels Artem Podrez 5025647

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The Mexican e-commerce platform 99 minutos has announced a new fundraising round of $82 million dollars (mdd), which was led by OAK HC/FT, with the participation of existing investors Kaszek and Prosus Ventures.

The last round of financing that the startup received was in 2021, with which the operation and business of 99 minutos tripled.

With the new funds from this Series C, the company will be able to execute a three-pronged strategy to scale new business models, expand throughout Latin America, and invest in new sustainability initiatives in line with low-carbon emission goals – including the purchase of vehicles electrical.

A new offer to continue growing your business will be Punto 99, a new collection/delivery network (pick up and drop off) focused on new services to cover the entire fulfillment process. It will also launch a route tracking and optimization SaaS solution for its customers.

99 minutos was founded by Alexis Patjane in 2013 as a last-mile delivery service for online stores. It was one of the first Latin American companies to guarantee delivery in less than 99 minutos, which explains its name.

According to Americas Market Intelligence (AMI), online sales volumes in Latin America will grow 29% between 2020 and 2024, reaching $580 billion dollars, which should open up different business and investment opportunities. Realistically, this acceleration requires that the logistics infrastructure be expanded accordingly.

99 minutos has achieved its expansion to Colombia, Chile and Peru offering its five different services: less than 99 minutes, the same day, the next day, delivery without CO2 and economy. 99minutes handles over 15 million packages per year for major e-commerce companies and thousands of smaller e-commerce brands.

You may also be interested in: Q&A | E-commerce in LATAM could be a $250 billion market by 2025: Merama

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