Rappi, a Colombia-based logistics platform by food delivery service Delivery Hero and telecommunications conglomerate SoftBank, has raised more than $300m in funding, according to Reuters.
The newswire only identified T. Rowe Price Associates as an investor in the round and cited a regulatory filing that indicated Rappi had secured approximately $156m towards a $350m target. The company is now said to be valued at $3.5bn.
Rappi runs an on-demand delivery service covering a wide range of consumer products ranging from food and drinks to medication, to electronics and sex toys. It also provides cashback, whereby users pay by card and receive cash from the courier.
The company has expanded into nine countries across Latin America to date: Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Mexico, Peru and Uruguay.
SoftBank committed $1bn in May 2019 through its Innovation Fund and Vision Fund. DST Global led a $200m round in mid-2018, with participation from Andreessen Horowitz (a16z) and Sequoia Capital.
Delivery Hero led a $167m round in early 2018, with contributions from a16z and Sequoia. The latter two had already taken part in a $9m round in 2016 together with DST.
Rappi’s earlier backers also include Redpoint eVentures.
