Media and e-commerce group Naspers has led an $82m funding round for Brazil-based online services platform Movile that included private equity firm Innova Capital.
Movile provides a range of app-based services including mobile gaming, food delivery, event ticketing, education, logistics and delivery. It has more than 100 million monthly active users across Brazil, the US, Mexico, Colombia, Peru, Argentina and France.
The majority of the funding will be used to increase the company’s share of iFood, a Brazil-based online food delivery platform in which Movile holds a majority stake, but additional cash will go to expanding the rest of its businesses.
Larry Illg, chief executive of Naspers’ corporate venturing unit, Naspers Ventures, said: “Naspers has been a long-time investor in Movile because we believe in their ability to build transformative mobile businesses in Latin America and beyond.
“iFood in particular has demonstrated impressive execution and growth reaching 6.2 million monthly orders in October 2017, becoming the leader in Latin America for food delivery, and continuing to expand throughout the region.”
Movile has now raised more than $250m in total, it said in a statement. The company closed $53m in funding from Naspers and Innova Capital in June this year, in what may have represented part of the latest round.
Naspers has been an investor in Movile since 2008, and joined Brazilian state-owned Finep for its $55m series D round in 2014. The corporate provided another $40m for the company in 2015 before Naspers Ventures led a June 2016 series F round sized at $40m, investing alongside Innova.