Business

Mexican last-mile delivery platform 99minutos raises a $40 million Series B round

Led by Prosus Ventures and Kaszek, the new round will back the startup's plans on customer growth and expansion in the region

Photo: 99minutos/Creative Commons
  • 99minutos raised a $40 million Series B round led by Prosus Ventures and Kaszek;
  • The new funding will help the company to strengthen its position where it already operates as well as to continue its expansion throughout Latin America;
  • It offers four services to e-commerce players: less than 99 minutes delivery, same-day delivery, next-day delivery, and CO2-free delivery.

Mexican last-mile delivery startup 99minutos announced on Monday a $40 million Series B round led by Prosus Ventures and Kaszek. According to the company, the new resources will help to strengthen the position of 99minutos in its current markets and continue its expansion throughout Latin America.

Founded in 2014 in Mexico City, the startup offers last-mile logistics services to e-commerce players in forty markets across Mexico, Chile, Colombia, and Peru. 99minutos works with four services: less than 99 minutes delivery, same-day delivery, next-day delivery, and CO2-free delivery; and serves a wide range of businesses, from the largest e-commerce players in the region to the smallest merchants starting to sell online.

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“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,” says 99minutos’ CEO Alexis Patjane. “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.”

Latin American startups are being particularly targeted by Kaszek. The venture capital firm announced in May that it has raised $1 billion in two new funds for investing in companies from the region.

“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,” sums up Mariana Donangelo, partner at Kaszek.

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