Media and e-commerce group Naspers led a $40m series F round for Brazil-based mobile commerce platform Movile on Tuesday through its corporate venturing unit, Naspers Ventures.
Investment fund and fellow existing investor Innova Capital also participated in the round, which increased Movile’s recent funding to $135m in under two years.
Founded in 2000, Movile claims to be Latin America’s largest mobile commerce company, overseeing a range of apps covering on-demand entertainment, food delivery and logistics. It serves some 70 million customers each month.
Movile will leverage the funding to carry on expanding its app suite and will enter the online ticketing sector with a $4m investment in Brazil-based ticketing and event management platform Sympla.
Naspers invested in Movile rounds closed in 2008 and 2010, both of which were of undisclosed size, before contributing to a $55m series D round featuring Innova and the Brazilian government-owned FINEP in 2014. It invested a further $40m in April 2015.
Larry Illg, CEO of Naspers Ventures, which was formed by its parent company last month, said: “With more than a decade of technology development and expertise, Movile has become a mobile leader, transforming the way ecommerce, services and content are delivered to the consumer.
“Moving forward, we believe Movile is uniquely positioned to continue driving new mobile technology innovation for the consumer, both in region and elsewhere.”