Nearshore Americas

Movile Begins Hunt for Startups After Raising $200 Million

Brazilian tech investor Movile has launched a hunt for prospective startups operating in the Latin American fintech and retailing sector, as it has raised US$200 million in funding from Prosus.

With more than 5,000 employees, Movile is one of the largest tech investment groups in the region.  iFood, a Brazilian food delivery platform, and Zoop, a fintech, are among its popular affiliates.

Movile says it would persuade Zoop and iFood to expand operations to more countries in the region. It similarly widened the footprints of Colombian delivery platform Mensajeros Urbanos and Argentina’s Moova, after making follow-on investments in them.

“Seeing the success of companies like iFood in Latin America has empowered so many new, innovative founders to rise up and join the burgeoning tech ecosystem in the region,” said Patrick Hruby, CEO of Movile.

Movile’s earnings have been growing, despite the pandemic.  Its average annual revenue grew 80% in the past three years, according to Prosus.

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“Movile … is a strategic investor with solid knowledge and expertise in the Latin American market,” stated Roger Rabalais, CFO of Prosus. “They collaborate closely with companies to ensure their success, which is a unique way of investing…”

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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