Linio – Rocket Internet’s Latin American eCommerce platform – today announced a $50m funding round. New financier Mexican private equity fund Latin Idea contributed alongside existing investors including JP Morgan, Kinnevik and the Tengelmann Group.
Known as the “Amazon of Latin America”, Linio offers a selection of products from technology to homewares and fashion. Available in Mexico, Colombia, Peru and Venezuela, Linio offers the usual conditions of Rocket Internet eCommerce companies, including free shipping and returns and multiple payment options. It claims to be the largest eCommerce store in its region.
The latest investment brings Linio’s total funding to close to $100m, in April it received close to $30m from Colombian industrial conglomerate Santo Domingo Group – which amassed much of its wealth by producing beer.
On the funding, Linio CEO Andreas Mjelde said: ”We are delighted to have secured this new round of funding, which will allow us to continue our growth trajectory in existing markets, scale our operations and continue to improve our service.”
The last news from Linio was its Android app release, which it launched in August this year in a bid to make the most of the growing popularity of mCommerce in Latin America. At the time, Mjelde claimed that one fifth of Linio’s customers already came from mobile devices. So far there’s been no mention of an iOS app – Android is the most popular operating system in emerging markets.
For related posts, check out
- Rocket Internet’s Linio tests the waters for mobile commerce in Latin America
- How much did Rocket Internet’s companies bring in last year?
- Rocket Internet’s Linio raises €25m from Colombian beer barons
