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Latin American mobile commerce powerhouse Movile and Just Eat, the global online take-out service, have announced a $50M investment in Brazil’s leading food delivery service, iFood. The raise brings iFood’s total funding to $62M.
Movile and Just Eat are responsible for investing in all but iFood’s original $1.6mm Series A. Movile invested $4.6 million in the company’s B and C rounds, and last year Just Eat funded a $5.7M Series D and merged its Brazil operations with iFood. Movile CEO Fabricio Bloisi and CFO Arthur O’Keefe sit on the board with Jerome Gavin from Just Eat and Dan Faccio from Naspers, which owns a majority stake in Movile.
Movile, which has a 60% controlling stake of iFood, bills itself as the largest mobile commerce platform in Latin America by a number of indices: Gross Merchandise Value through mobile, net revenues, profits and market share. They’ve seen 80%…
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