The funding helps the company strengthen its position in the last-mile delivery market. Here are the top-line bullets you need to know.
99 minutos, a logistics and delivery company, has raised $40M in a Series B round that drew participation from Prosus and Kaszek Ventures.
HOW’S THE COMPANY PERFORMING?
- Mexico-based 99 minutos is a last-mile delivery service provider for e-commerce companies offering 4 modes of delivery – 99-minute delivery, same-day delivery, next-day delivery, and carbon-free delivery – facilitated through its online platform.
- The company operates in 40 markets across Mexico, Chile, Colombia, and Peru, shipping around 60 to 80 packages per route.
- Some of its major customers include Virgin Mobile, Amazon, Walmart, and Denda.
Source: 99 minutos
WHY DOES THE MARKET MATTER?
- The global logistics market is projected to grow at a CAGR of 6.5% and reach a value of $12.976Tby 2027, according to Allied Market Research.
- The global supply chain and logistics technology segment witnessed more than 400 deals in 2020.
- The pandemic has accelerated the growth of online retail in 2020 and caused an increase in demand for consumer packaged goods, medical supplies, and other consumer goods.
