July 12, 2018 / 12:00 PM / a year ago

Brazil Movile raises $124 mln in a new financing round

SAO PAULO, July 12 (Reuters) - Brazilian mobile commerce platform Movile said on Thursday it raised $124 million in a new financing round led by the South African media and tech group Naspers alongside fund Innova Capital, in which billionaire Jorge Paulo Lemann is one of the investors.

Chief executive Fabricio Bloisi told Reuters that the company will use the proceeds to fund its food delivery app iFood, the online ticketing company Sympla and the payment platform Zoop.

Bloisi said Movile intends to increase iFood’s courier network to 30,000 delivery men from current 5,000.

Movile’s goal is that the three businesses where it will invest the money raised help each other. Zoop may be used to pay for Ifood delivery and couriers hired for iFood may deliver for Sympla.

Founded in 2008, Movile has raised $375 million over the last eight years. The company said it has 150 million users of its services in Latin America and expects to list its shares through an initial public offering (IPO) on the long term. (Writing by Carolina Mandl)

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