Movile, a Brazil-based mobile software and services developer backed by media and e-commerce company Naspers, has raised $55m in series D funding, TechCrunch reported on Thursday.
Private equity firm Innova Capital led the $35m equity portion of the round, which also included Naspers, while FINEP, part of Brazils Ministry of Technology, committed $20m in financing.
Movile provides smartphone and tablet applications for content and commerce, and will spend the cash on developing its online-to-offline business, with funds expected to go to acquiring start-up companies, hiring, and forming new partnerships..
The company has already invested $2.6m in food-ordering app iFood Movile, which is on track to deliver 3.5 million meals in 2014. About $10m of the funding will be allocated to expanding Playkids, Movile’s subscription-based mobile and tablet-based children’s entertainment platform, as it looks to grow internationally.
Movile was originally known as Compera nTime, before changing its name in 2010 when it acquired competitor Yavox. Naspers first invested in the company in 2008.