SA’s Naspers and Innova Capital Invest new $82 million In Movile’s iFood

Naspers, South Africa’s global internet and entertainment group have partnered with private equity firm Innova Capital to invest another $82 million in Movile’s iFood, a leader in food delivery in Latin America. This new round of funding will be used to further expand all of Movile’s businesses, and a large portion will be used to increase Movile’s participation in iFood.

Naspers Ventures CEO Larry Illg said about the investment in Movile: “Naspers has been a long-time investor in Movile because we believe in their ability to build transformative mobile businesses in Latin America and beyond. iFood, in particular, has demonstrated impressive execution and growth reaching 6.2M monthly orders in October 2017, becoming the leader in Latin America for food delivery, and continuing to expand throughout the region.”

Veronica Allende Serra, Founding Partner of Innova Capital Fund said: “At Innova we are very excited to continue to support Movile’s talented team in its growth, helping accelerate the iFood and tickets platforms and investing in new businesses that can leverage the active user base that Movile has built. We believe Movile has many opportunities to continue to grow exponentially, including in logistics and financial services, among others.”

Meanwhile, Fabricio Bloisi, CEO at Movile said: “The food delivery market is expanding rapidly across the globe and iFood is at the forefront of innovation and growth as the leading food delivery business in Latin America. With that in mind, we will continue to invest in the company to scale iFood’s technology platform and accelerate product development so they can fulfil more orders and also provide an even better experience for restaurants and consumers.

“We also have plans to invest more in tickets and, potentially, new areas where Movile Group can bring value to entrepreneurs and companies in their growth phase.”

Since its foundation, Movile has raised more than $250 million. The capital has been used to expand the company-owned businesses, intensify its operations in the O2O market (online-to-offline) and to accomplish more than 20 mergers, acquisitions and investments in startups such as PlayKids, Sympla, iFood, Rapiddo, Maplink, Apontador and SuperPlayer, among others.