Mexico-based last-mile delivery services provider 99 Minutos has received $40m in a series B round backed by Prosus, the internet group spun off by media and e-commerce conglomerate Naspers, TechCrunch reported today.
Venture capital firm Kaszek Ventures also participated in the round, while Prosus likely took part through its corporate venture capital vehicle, Prosus Ventures.
Founded in 2014, 99 Minutos provides last-mile delivery services across Mexico, Chile, Colombia and Peru. It can deliver ordered items in less than 99 minutes and also offers same-day, next day and CO2-free delivery options.
The company will use a portion of the funding to speed up its city-to-city deliveries which use small aircraft. Engie Factory, a subsidiary of energy utility Engie, had paid an undisclosed amount for a 34.4% stake in 99 Minutos in 2018,
Y Combinator, 500 Startups, Pioneer Fund and Streamlined Ventures also list 99 Minutos as a portfolio company on their respective websites, though it has not revealed additional financing details.