Brazil-based mobile commerce platform Movile revealed $53m in funding yesterday from media and e-commerce and media group Naspers and investment fund Innova Capital.
The funding was secured across two rounds, with an initial $23m invested “in the past few months,” and the remaining $30m provided more recently in a tranche led by Naspers, though additional details were not disclosed.
Movile operates a mobile commerce platform it claims has approximately 100 million monthly active users across its various products, which include food delivery, a ticketing marketplace, education services and an online-to-offline service called Rapido.
The funding will support the growth and development of Movile’s core business as well as Rapido across Latin America.
Naspers had already backed rounds of undisclosed size in 2008 and 2010 for Movile, and invested $40m in 2015. It then led the company’s $40m series F round in June 2016 through its corporate venturing unit Naspers Ventures, investing together with private equity firm Innova Capital.
Naspers and Innova had previously taken part in a $55m series D round in 2014 alongside Finep, the Funding Authority for Studies and Projects, a program overseen by the Brazilian government’s Ministry of Science of Technology.
Fabricio Boisi, CEO of Movile, said: “Movile is in a strong position to use this new investment to realise our dream of impacting 1 billion people through our products and services.
“Naspers and Innova Capital have been great long-term partners, and we look forward to continuing working with them.”