99minutos, a Mexico City-based provider of logistics services for e-commerce, raised $82M in Series C funding.
The round was led by OAK HC/FT, with participation from existing investors Kaszek and Prosus Ventures.
The company intends to use the funds to make investments to increase the use of electric vehicles and other sustainable practices in their operations.
Led by CEO Alexis Patjane, 99minutos offers logistics services for e-commerce vendors across Mexico, Colombia, Chile and Peru. Through its five distinct services: less than 99 minutes, same-day, next-day, CO2-free delivery, and economy, 99minutos handles more than 15 million packages per year for e-commerce companies and thousands e-commerce brands.
Since its last funding round in May 2021, 99minutos’ operation and business has grown threefold. The funding will now enable the company to execute a three-pronged strategy made up by scaling new business models, expanding further into LatAm, and investing in new sustainability initiatives in line with its low-carbon goals.
To address these needs, 99minutos will continue to grow its core last-mile delivery business, as well as expand its suite of services for e-commerce logistics. These new offerings include Punto 99, a new Pickup/Dropoff network; new services to cover the entire fulfillment process, including storage and picking & packing; and the launch of a route tracking and optimization SaaS solution for its customers. This round will also fund a comprehensive plan to further the company’s positive ecological impact, including investments to increase the use of electric vehicles and other sustainable practices in their operations.
FinSMEs
03/03/2022