Colombia-based last-mile delivery service LiftIt has raised $22.5m in a series B round backed by beverage distributor Arca Continental’s corporate venturing arm, AC Ventures, TechCrunch reported yesterday.
Land freight shipping service Grupo Transportes Monterrey and apparel vendor Leonisa also participated in the round, which was led by supply chain-focused private equity firm Cambridge Capital.
Alpha4 Ventures, 10x Capital, Banyan Tree Ventures, H20 Capital, Jaguar Ventures, Monashees, NXTP Ventures, private investor Jason Radisson and International Finance Corporation (IFC), the private sector investment arm of the World Bank, filled out the investors.
Founded in 2017, LiftIt provides a business-to-business trucking app that covers Brazil, Chile, Colombia, Ecuador and Mexico, enabling logistics operators to access truck delivery through a network of truck drivers dubbed Lifters. The series B cash will be used to improve its automation technology.
IFC and Monashees co-led a $14.3m series A round for LiftIt in February 2019 that included Mercado Libre Fund, a subsidiary of e-commerce firm Mercado Libre, as well as ArkAngeles, Jaguar Ventures and NXTP Ventures, according to Contxto, which added that it had previously received $2.2m of seed capital from more than 80 backers.
