99minutos Raises $82 Million Series C Round Led by OAK HC/FT
New funding to accelerate expansion, as 99minutos moves closer to becoming a leading tech company for e-commerce logistics in the region
99minutos, the scale up offering affordable, fast and reliable logistics services for e-commerce vendors across Latin America, announced a US$82 million fundraising round led by OAK HC/FT, with participation from existing investors Kaszek and Prosus Ventures.
Since its last funding round in May 2021, 99minutos’ operation and business has grown threefold. The Series C funding will now enable the company to execute a three-pronged strategy made up by scaling new business models, expanding further into LatAm, and investing in new sustainability initiatives in line with the company’s low-carbon goals.
The market size for retail e-commerce in LatAm is expected to increase to US$160 billion by 2025, compared to an estimated US$85 billion in 20211. This incredible acceleration requires logistics infrastructure to scale accordingly, in addition to the need for specialized services across the entire supply chain.
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To address these needs, 99minutos will continue to grow its core last-mile delivery business, as well as expand its suite of services for e-commerce logistics. These new offerings include Punto 99, a new Pickup/Dropoff network; new services to cover the entire fulfillment process, including storage and picking & packing; and the launch of a route tracking and optimization SaaS solution for its customers. This round will also fund a comprehensive plan to further the company’s positive ecological impact, including investments to increase the use of electric vehicles and other sustainable practices in their operations.
“The quality and depth of the technology we have developed in the past year, coupled with the new talent we have brought on board has enabled us to scale our operations, become more efficient, and prepare us for more structured growth,” said Alexis Patjane, CEO of 99minutos. “We are eager to continue investing in our technology and infrastructure with the goal of becoming the largest, most sustainable provider of e-commerce logistics in Spanish-speaking LatAm. These ambitions inspired us to partner with the expert team at Oak HC/FT.”
“Ecommerce in LatAm has experienced exponential growth over the past few years, creating a clear need for effective technology solutions to enable a seamless process from order to delivery,” said Allen Miller, Principal at Oak HC/FT. “99minutos is meeting this need and has impressively expanded beyond its core last-mile offering to become the leading technology logistics and fulfillment company in the region. We look forward to supporting the team as the company continues its growth and expansion in LatAm.”
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