The international investment company Raison Asset Management has acquired a stake in Colombian e-commerce startup Rappi. The investment took place in the VC secondary market, the amount is not disclosed. The fund Element GTPP by Raison Asset Management previously invested in various e-commerce startups across regions with different stages of development. Rappi became the first one that is considered a late-stage venture investment.
Rappi developed the on-demand delivery marketplace operating in Latin America. The Bogota-based startup was launched in 2015 as beverage-only delivery and has since expanded into meals, groceries, tech goods, and medicine. The application services as a marketplace where restaurants and shops can list goods and meet the demand from Rappi users. Currently, the services are available in over 250 cities across 7 Latin American countries.
In July 2021, the company raised a $500 million Series F funding round at a $5.2 billion valuation. Its investors include major venture capital funds Sequoia Capital, Andreessen Horowitz, Softbank, and DST Global. The founder of the company, Juan Pablo Ortega, said that it plans to go IPO at the end of 2022.
