Brazil delivery app Loggi raises over US$200 million in new funding round
RIO DE JANEIRO, BRAZIL – Brazilian delivery app Loggi announced a R$1.15 billion (US$205 million) funding round on Monday, March 1st, as the firm seeks to expand its distribution footprint and shorten delivery times amid an e-commerce boom in South America’s top economy.
The round was led by São Paulo-based CapSur Capital, and included current investors Monashees, Softbank Group Corp , GGV, Microsoft Corp and Sunley House, Loggi said in a statement.
Loggi has grown rapidly since its 2013 founding. In 2020 alone, delivery volume grew 360% as consumers moved to remote retail channels during the coronavirus pandemic.
The company, which currently has 2,000 employees, plans to make hundreds of additional hires in 2021 and open seven additional logistics centers throughout the nation, Thibaud Lecuyer, the company’s chief financial officer, said in an interview.
Brazil’s e-commerce sector was growing rapidly even before the coronavirus arrived in the nation in earnest last March.
Mercadolibre Inc, Latin America’s largest e-commerce player, announced the opening of five new distribution centers in November, doubling its delivery capacity in Brazil. Amazon.com Inc also announced the opening of three new distribution centers in the nation in November.
Loggi had already received a total of 900 million reais in funding since its founding. During the last round in June 2019, the company received $150 million, achieving a valuation of $1 billion.
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