07
June
2021
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16:00
Europe/Amsterdam

99minutos raises $40 million series B led by Prosus Ventures and Kaszek

Mexico City, 7 June 2021  99minutos, a last-mile e-commerce delivery platform in Latin America, announced today the closing of a US$40 million fundraising round led by Prosus Ventures and Kaszek. The new funding will help to strengthen the position of 99minutos in its current markets and to continue its expansion throughout Latin America. The round consisted of both primary and secondary investment.

Since its founding in 2014, 99minutos has focused on offering the fastest, most reliable, and lowest cost last-mile logistics services to e-commerce vendors in 40 major markets across Mexico, Chile, Colombia, and Peru. The company offers four distinct services: less than 99 minutes delivery, same-day delivery, next-day delivery, and CO2-free delivery, serving from the largest e-commerce players in LATAM to the smallest merchants starting to sell online.

E-commerce is growing quickly in Latin America, but it is still early days. E-commerce penetration in Latin America is at 6%, while China is reaching 30% and the U.S. is at 20%. Given the strong growth across the region, e-commerce logistics infrastructure must scale to offer quick and affordable delivery options to support the rising demand for online shopping. Offerings from current providers have average delivery times ranging from 3-10 days, and often cost 10% of the goods being purchased, stifling e-commerce growth. The 99minutos platform is solving this gap by providing e-commerce players with multiple high-quality delivery options for their consumers, with speed and reliability at a low cost.

“E-commerce is already a big business in Latin America, but to realize its full potential, there is a need for next-generation delivery platforms that match the demands of both e-commerce companies and their customers,” said Alexis Patjane, CEO of 99minutos. “We have worked hard to build the best delivery network in our key markets and are delighted to be partnering with investors with strong reputations like Prosus Ventures and Kaszek as we continue on our journey to becoming the leading logistics provider for online stores in the Spanish speaking countries of Latin America.”

“When you are building a business, it isn’t enough to just have a great idea – you have to have great execution,” said Banafsheh Fathieh, Head of Americas Investments at Prosus Ventures. “When we hear big e-commerce players saying that 99minutos is ‘their most reliable partner’ and that they are ‘the provider with the most potential,’ it tells us that the team is executing extremely well and is on a path to disrupt e-commerce delivery in Latin America. We are delighted to be leading this round to help launch the company into its next phase of hypergrowth.”

“It is a privilege to be a part of funding 99minutos,” said Mariana Donangelo, Partner at Kaszek. “We’ve been impressed with the technology the team has built and with the level of service they provide to clients, including off the charts on-time delivery numbers. The combination of a great technology platform and flexible delivery model has helped them scale rapidly, and we look forward to helping them deliver on their promise for e-commerce businesses as they continue to grow.”

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About Prosus:

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors in markets including India, Russia, and Brazil. Through its ventures team, Prosus invests in areas including health, logistics, blockchain, and social commerce. Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who are using technology to improve people’s everyday lives.

Every day, millions of people use the products and services of companies that Prosus has invested in, acquired or built, including Avito, BrainlyBUX, BYJU'S, Bykea, Codecademy, DappRadar, DeHaat, dott, ElasticRun, eMAG, Eruditus, Honor, iFood, Klar, LazyPay, letgo, Meesho, Movile, OLX, PayU, Quick Ride, Red Dot Payment, Remitly, Republic, Shipper, SimilarWeb, Skillsoft, SoloLearn, Swiggy and Udemy.

Hundreds of millions of people have made the platforms of Prosus’s associates a part of their daily lives. For listed companies where we have an interest, please see: Tencent, Mail.ru, Trip.com Group Limited, and DeliveryHero.

Today, Prosus companies and associates help improve the lives of around a fifth of the world's population.

Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and secondary listings on the Johannesburg Stock Exchange (XJSE:PRX) and a2X Markets (PRX.AJ). Prosus is majority-owned by Naspers.

For more information, please visit www.prosus.com.

 

About 99minutos

Founded in Mexico City in 2014, 99minutos is a last-mile e-commerce delivery platform in Latin America. The company is transforming last-mile logistics by offering the lowest cost, fastest and most reliable delivery services for e-commerce vendors across Mexico, Colombia, Chile and Peru. Through its four distinct services: less than 99 minutes, same-day, next-day, and CO2-free delivery, 99minutos services major e-commerce companies and a longtail of retailers and smaller e-commerce brands.

About Prosus

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

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