Rocket Internet-backed Linio obtains USD50 million in new funding
According to a VentureBeat report, e-commerce company Linio received an additional USD50 million in investment. The investment was raised in a funding round led by Mexico-based private equity fund Latin Idea. Rocket Internet, who initially backed Linio, joined investors the Tenglemann Group, Summit Partners, JP Morgan Asset Management and Investment AB Kinnevik in the funding round. The new funding would bring Linio's total investment received at over USD75 million.
Linio dubbed itself as the "Amazon of Latin America." Currently active in Peru, Venezuela, Mexico and Colombia, the company aimed to expand its operations. It recently released a mobile application to generate more customers via mobile devices.
Linio chief executive Andreas Mjelde told VentureBeat about the company's growth direction, "A lot of people now have a smartphone but still don't have a regular internet connection. This marks a step in Linio's quest to make more products accessible to more people in Latin America. Our ambitions are to increase trust in m-commerce, to raise awareness for online shopping among Latin America's population and to provide the safest and most convenient online shopping service in Latin America."