Brazil: Movile raises USD 55 mln in funding

Tuesday 12 August 2014 00:38 CET | News

Brazil-based Movile, a mobile commerce company, has raised USD 55 million in new funding to continue expanding its online-to-offline (O2O) business.

In February 2013, Movile invested USD 2.6 million into iFood, an existing GrubHub-like service, which acquired a similar service, Central do Delivery, in 2014. Since its investment from Movile, 60% of iFood’s orders now come from smartphones, up from 7% prior to that.

The company will not only continue to boost its iFood business, but also expand into additional O2O offerings.

Innova Capital led the USD 35 million fourth round of funding, with additional participation from current investor Naspers, and the company has also secured USD 20 million in long-term financing through FINEP, Brazil’s Funding Authority for Studies and Projects within the Ministry of Technology.

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Keywords: Brazil, Movile, mobile commerce, Central do Delivery, ecommerce
Categories: Payments & Commerce
Countries: World
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