On Nov. 13, Movile, a leader in mobile marketplace announced that Naspers and Innova Capital have pledged to invest USD$400 million of new capital into Movile as an additional investment in iFood, making a current total of USD$500 million iFood funding, the biggest one in Latin American to date.
Movile and Just Eat have invested USD$100 million in iFood.
iFood, of which Movile is a majority shareholder, has become the leading online food delivery platform in Latin America. Its continued growth and large market in Brazil and the rest of Latin America have triggered the increased investment commitment.
“Movile is very fortunate to have long-term investors who have supported us for the past decade to help achieve our goal of transforming the lives of more than 1 billion people and thus we are able to continually back iFood to ensure it remains the market leader,” Movile’s Chief Executive Officer Fabricio Bloisi, said in a press release. “Our entire ecosystem of companies is focused on allocating resources and energy towards our one billion people goal, and iFood is leading the way fueling unprecedented growth through its innovative technology platform, providing consumers, couriers and restaurants with the best experience in food ordering and delivery.”
“We want our consumers to have an amazing delivery experience from the moment they order their food to the moment it arrives, and our partners – the restaurants and delivery fleet – make that happen by living our purpose of improving people’s lives using our services,” said iFood’s Chief Executive Officer Carlos Moyses in the release. “iFood exists for our customers and with an increased investment commitment of this size, we will be able to build out our state of the art technology platform and increase our courier and restaurant partners to even better serve our current and future customers in Latin America.”