Addi, a Colombia-based digital payment service backed by telecommunications group Telefónica, raised $75m yesterday which brought its series B round to $140m.
Venture capital firm Greycroft led the round, which included Andreessen Horowitz, Citius Capital, Citius VC, Endeavor Catalyst, Foundation Capital, GGV Capital, Intersection Growth Partners, Monashees, Quona Capital and Union Square Ventures’ Opportunity Fund.
Founded in 2018, Addi has built an online platform that helps users get loans to pay for e-commerce purchases and settle the payment in up to three interest-less instalments. The company’s valuation tripled to the “hundreds of millions” of dollars in the extension, it said.
Union Square’s Opportunity Fund had led the $65m first tranche of the round, which included 8VC, Andreessen Horowitz, Citius Capital, Endeavor Catalyst, Foundation Capital, The Marathon Fund, Monashees, Quona Capital, Hans Tung and Huey Lin, in May this year, consisting of $35m in equity funding and a $30m credit line.
The company will use the money to expand further in its home country and Brazil, and it plans to increase its presence in the Mexican market by 2022.
Quona Capital had led a $15m series A extension for Addi in May 2020 that also featured Monashees, Andreessen Horowitz, S7 Ventures and Foundation Capital, taking its total funding to $32m. Andreessen Horowitz led its $12.6m series A round in 2019 and was joined by Monashees.
Addi received $1.5m in funding in an internal round at an undisclosed date, after a $2.3m round in 2018 featuring Andreessen Horowitz, Monashees and Village Global. Wayra, an open innovation subsidiary of Telefónica, and Sinai VC list the company among their portfolios.
