Technology investor Prosus, which is secondarily listed on the Johannesburg Stock Exchange, co-led a $40 million investment in 99minutos with Kaszek, a venture capital firm focused on Latin America.

The Mexican delivery platform that serves major online retailers and small brands will strengthen its footprint in its current markets (Mexico, Colombia, Chile, and Peru), and continue to expand throughout Latin America. “We are delighted to be leading this round to help launch the company into its next phase of hypergrowth,” said Banafsheh Fathieh, Head of Americas Investments at Prosus Ventures.

In its May 2021 report, the United Nations Conference on Trade and Development (UNCTAD) says that covid-19 boosted global online sales. Sales reached $26.7 trillion globally in 2019, an increase of 4% compared to 2018.

For the specific case of Latin America, fintech Ebanx, in the study "Beyond Borders 2020/2021" published in December 2020, estimates that the region could move from the second to the first fastest-growing region for e-commerce alongside Southeast Asia, in 2021. Alexis Patjane, managing director of 99minutos, believes that e-commerce is growing significantly in Latin America and that the sector could reach its full potential with the emergence of delivery platforms capable of meeting the demands of e-commerce companies and their customers.

Chamberline Moko