Linio, an e-commerce platform, has raised USD50m in a funding round led by Latin Idea. Contribution also came from J.P.Morgan Asset Management, Investment AB Kinnevik, Tengelmann Ventures, Summit Partners, and Rocket Internet.
The platform offers online shopping for consumers in Mexico, Colombia, Peru, and Venezuela. The firm aims to increase trust for mobile commerce and raise awareness of online shopping throughout Latin America with the funding as it targets growth.
Andreas Mjelde, CEO of Linio, about the latest investment into Linio: “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.”
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