E-commerce delivery venture 99minutos bags $40m Series B funding

99minutos, a last mile delivery platform based in Latin America, has announced a $40 million fundraising round led by Prosus Ventures and Kaszek.

The venture, which was founded in 2014, says that the cash will help to strengthen its position in current markets (including Mexico, Chile and Peru) and to continue its expansion throughout Latin America.

“E-commerce is already a big business in Latin America, but to realise 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 Alexis Patjane, CEO at 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,” comments 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.”

Mariana Donangelo, Partner at Kaszek, adds: “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.”