The company plans to use the funding to launch new operating models and expand into new markets in Latin America. Here are the top-line bullets you need to know.
99minutos, a logistics and delivery company, has raised $82M in a Series C. The round drew participation from Kaszek Ventures, Oak HC/FT Partners, and Prosus Ventures.
HOW’S THE COMPANY PERFORMING?
- Mexico-based 99minutos is a last-mile delivery service provider for e-commerce companies.
- The startup offers 5 delivery options: 99-minute delivery, same-day delivery, next-day delivery, carbon-free delivery, and economy.
- 99minutos has seen its business grow 3x since its last funding round in June 2021.
- The company has over 120K clients, most of which are B2B enterprises, including Virgin Mobile, Amazon, Walmart, and Denda.
- 99minutos operates in 60 markets across Mexico, Chile, Peru, and Columbia, up from 40 markets in June 2021. The company aims to achieve a 95% penetration rate in existing markets before breaking into new ones.
- The startup is supported by a team of 5K employees.
WHY DOES THE MARKET MATTER?
- The global logistics market is expected to reach a value of $13T by 2027, growing at a CAGR of 6.5%, according to Allied Market Research.
- The pandemic-induced increase in demand for fast-moving consumer goods (FMCG), medical supplies, and other consumer goods has accelerated the growth of online retail, which has driven global logistics market expansion.
- Heightened supply chain disruption amid the pandemic has led to increased investments in logistics to drive efficiencies and cut costs.
- Given Amazon’s stronghold over the online retail market, retailers are differentiating by focusing on instant commerce, niche assortment, post-purchase experience, and consolidation through mergers, acquisitions, and partnerships.
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