Movile, a Latin America-based mobile commerce platform, has raised $55 million in funding. Investors included Innova Capital, which led a $35 million Series D round. Also, Movile has received $20 million through FINEP, Brazil’s Funding Authority for Studies and Projects within the Ministry of Technology.
São Paulo, Brazil – August 8, 2014
Today, Movile is announcing that it has raised $55 million to accelerate innovation and growth of its platform that enables online2offline (O2O) commerce via mobile apps. Innova Capital leads the $35 million Series D round, joined by existing investor Naspers. Movile has also secured $20 million in long-term financing through FINEP– Brazil’s Funding Authority for Studies and Projects within the Ministry of Technology.
Movile is Latin America’s largest mobile commerce platform, with more than 30 million monthly active users generating 50 billion transactions a year. Movile first debuted its content and payment applications for mobile phones 15 years ago and has continued to broaden its mobile offerings ever since. It’s most well known app is PlayKids, the subscription-based mobile and tablet only children’s entertainment platform filled with games, videos, lullabies and eBooks that is the number one grossing app for kids globally. The company recently expanded into online2offline commerce, and this new capital will fuel investments, acquisitions, partnerships and recruitment of top talent.
O2O refers to a transaction that begins online (via desktop or mobile) and concludes with the receipt of goods or services in the offline-physical world. By connecting pre-shopping activities – like finding stores and browsing products – to the actual purchase of goods and services, shoppers can complete the entire purchase cycle in just a few taps.
Movile has pursued this strategy in mobile through the acquisition and combination of startup Central do Delivery and iFood (Latin America’s leader in food delivery) thus creating the strongest mobile food ordering platform in the region.
Movile’s mobile expertise has helped iFood’s app achieve rapid success. Movile’s investment in iFood jump started its growth — tripling the number of orders and putting it on track to deliver over 3.5 million meals in 2014. Over 60% of iFood’s orders now come from smartphones, which was at 7% prior to Movile’s involvement.
Vision for the future
iFood’s quick success after embracing and optimizing for mobile is one example of the incredible potential of mobile online2offline commerce, and it’s just the beginning.
“Movile has been at the forefront of mobile technology in Latin America for the last decade.” said Fabricio Bloisi, CEO and cofounder of Movile. “Now, with the expertise of Innova Capital on our board, we are poised to create the dominant platform for people to order and receive tangible goods and services, O2O services, on their smartphone at a time when Brazil’s mobile growth is explosive–growing 106% in only two years
To realize its vision, Movile is attracting world class tech talent, such as Apple’s former Senior Designer Everaldo Coelho, and is poised to continue its growth via organic and strategic partnerships, starting in Latin America and the U.S..
Movile is a leading mobile commerce platform in Latin America. Its product portfolio includes smartphone and tablet applications for content and commerce. With its latest funding round in 2014,
Movile is expanding aggressively into the Online To Offline (O2O) space of apps and services.
Movile has over 400 employees and is connected to over 40 carriers that collectively have 700 million mobile subscribers. More than 30 million people experience Movile’s products and services per month. Naspers, a leading global media & e-commerce group, has been a key strategic partner and shareholder of Movile since 2008.
About Innova Capital:
Innova Capital is a growth equity investment fund with a particular focus on innovation, active engagement with its companies and long term view on its investment strategy. Its current portfolio includes companies such as Accera, TradeForce, Sigga, Clearsale and Blue Interactive, among others. Innova was started in 2009 and its founders have participated and been involved with companies that are among the most successful technology investments in the region such as Patagon and Mercado Libre. Innova has appointed one board member to Movile’s Board of Directors.