(Ventureburn) Linio, a Mexico City-based ecommerce startup that is currently one of the leading and fastest growing in Latin America, has announced new investment from Latin Idea — a prominent Mexico-based private equity fund.
This round saw Latin Idea join existing investors (namely: JP Morgan Asset Management, Investment AB Kinnevik, the Tengelmann Group, Summit Partners, and Rocket Internet) in injecting a total of US$50-million in fresh capital for Linio.
CEO of Linio, Andreas Mjelde, had this to say on the new investment:
“We are delighted to have secured this new round of funding, which will allow us to continue our growth trajectory in existing markets, scale our operations, and continue to improve our service. Due to their great experience in supporting businesses in this region, Latin Idea is the perfect partner for us on our path to become the leader in all markets in which we operate. It is our aim to use this funding to increase our market share and market leadership in Mexico, Colombia, Peru and Venezuela.”
Alex Rossi, Managing Partner of Latin Idea, states that they are thrilled to join Linio as an investor and partner. “The company’s scale and achievements after only one year of operations are highly impressive.” He adds that beyond the management’s track record, it is the trend of online shopping and the region’s macro outlook that gives Latin Idea every confidence in Linio proving itself a success.
Linio already offers more than 150 000 products, including international brands such as Samsung, Nike and Chanel across seven categories:
- Health & Beauty
- Kids & Babies
- Books & Magazines
Linio’s range of products can currently be purchased directly from its website or via its Google Play app, with products arriving within two days directly to customers’ doorsteps.
Latin Idea was founded in 2000, and currently manages four funds aimed at investing in emerging companies that use technology as a driving force in their growth. The Linio investment was made through its expansion/growth fund which totals US$130-million.