Colombia-based on-demand delivery service Rappi has secured over $500m in series F funding from investors including telecommunications and internet conglomerate SoftBank, TechCrunch reported yesterday citing a company statement.
Investment management firm T Rowe Price led the round, which also featured Baillie Gifford, Third Point, Octahedron Capital and GIC. The cash was raised at a $5.25bn valuation, according to TechCrunch.
Rappi operates an app-based delivery service stretching across some 250 cities in nine Latin American countries. Its key product areas include food and beverages, medicine, groceries and consumer electronics.
The company has expanded into local services such as a personalised product collection service in addition to cash which is delivered in return for online deposits.
Redpoint eVentures invested an undisclosed amount in Rappi, and the company took part in the Y Combinator accelerator before raising $9m from Andreessen Horowitz, Sequoia Capital and DST Global in 2016.
Delivery Hero provided $105m as part of a $167m round that closed in April 2018 and which was also backed by Sequoia Capital and Andreessen Horowitz, before DST Global, Andreessen Horowitz and Sequoia added $200m five months later at a valuation above $1bn.
SoftBank’s Latin America and Vision Funds each supplied $500m for the company in April 2019, before it secured $300m from investors including T Rowe Price in September 2020 at a reported $3.5bn valuation.
