Telecommunications and internet group SoftBank and software provider Microsoft have participated in a R$1.15bn ($205m) round for Brazil-based delivery service provider Loggi, that valued it at almost $2bn, Bloomberg reported yesterday.
Growth equity fund CapSur Capital led the round, which included hedge fund manager Verde Asset Management and most of Loggi’s existing backers. Venture firm Monashees and investment firm Sunley House also invested, according to Reuters.
Loggi operates a mobile platform that supplies delivery and courier services to consumers and businesses, covering about 54% of Brazil’s population.
The funding will be used to invest in the company’s technology and expand its logistics facility network. It plans to open seven additional centres in Brazil and recruit hundreds of employees.
SoftBank’s Vision Fund led a $100m round for Loggi in mid-2019 that also featured Microsoft, Velt Partners, GGV Capital and Fifth Wall Ventures. It was later upsized to $150m, with the extra capital likely coming from SoftBank’s Latin America Ventures vehicle.
Vision Fund had already also supplied $100m for a 2018 round featuring Kaszek Ventures reportedly sized between $107m and $111m.
Qualcomm Ventures, the corporate venturing arm of mobile semiconductor technology provider Qualcomm, joined Dragoneer Investment Group and Monashees in a $14.3m round for the company in 2017, after Qualcomm Ventures and Monashees had provided $4.2m of funding in 2014.