Two new investors are pumping more millions into Rocket Internet’s South American Amazon clone Linio: The financing round of over €58 million ($79 million) is led by the private equity firm Northgate Capital and the portfolio company of the US billionaire Len Blavatnik, Access Industries. Blavatnik also holds shares in the Rocket Internet incubator.
Recently, the Mexican VC Latin Idea, Santo Domingo, Summit Parters and Tengelmann each put eight-figure sums in Linio. The wider group of shareholders includes JP Morgan Asset Management, Investment AB Kinnevik and Rocket Internet itself. In total, over $150 million has been invested in the company so far.
With the fresh capital, Linio wants to venture into other Latin American markets. So far the company is active in Mexico, Colombia, Peru and Venezuela. In June, the expansion continued to Chile.
Linio was founded by Rocket Internet in 2012 as a Latin American Amazon clone and, according to claims, employs around 1,500 employees. The startup led by CEO Andreas Mjelde says to have a range over over 300,000 products from international brands. In addition to the headquarters in Mexico City, it has offices in Bogota, Colombia as well as in Venezuela’s capital Caracas and Lima, Peru.
Translated by Elena Rueckert
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