Mexico City, November 5th, 2013. – Linio, the leading and fastest growing e-commerce business in Latin America, today disclosed that Latin Idea, a prominent Mexico-based private equity fund, has joined the company as an investor. Existing investors – which include JP Morgan Asset Management, Investment AB Kinnevik, the Tengelmann Group, Summit Partners, and Rocket Internet – also participated in the financing round of USD 50M in fresh capital for Linio.
Andreas Mjelde, CEO of Linio, about the latest investment into Linio: “We are delighted to have secured this new round of funding, which will allow us to continue our growth trajectory in existing markets, scale our operations, and continue to improve our service. Due to their great experience in supporting businesses in this region, Latin Idea is the perfect partner for us on our path to become the leader in all markets in which we operate. It is our aim to use this funding to increase our market share and market leadership in Mexico, Colombia, Peru and Venezuela.”
Alex Rossi, Managing Partner of Latin Idea, adds: “We are thrilled to join Linio as an investor and partner. The company’s scale and achievements after only one year of operations are highly impressive. Given the management’s track record, the trend of online shopping, and the region’s macro outlook we are very confident in Linio’s success.”
Linio already offers more than 150,000 products of international brands such as Samsung, Nike, and Chanel in seven categories (Technology, Home, Fashion, Health & Beauty, Kids & Babies, Books & Magazines, and Sports). Products can be purchased easily on the company’s website www.linio.com or on-the-go via the Linio mobile app available on Google Play. Items are delivered directly to the customer’s doorstep in as little as 1-2 days.
About Latin Idea
Latin Idea is a private equity fund manager with headquarters in Mexico. It was founded in early 2000 and has raised and managed four funds aimed at investing in emerging companies where the use of technology and innovation is a driving force in their growth. Latin Idea’s investment in Linio was made through its third expansion/growth fund, which totals USD 130M.
Linio (www.linio.com.mx, www.linio.com.co, www.linio.com.pe, www.linio.com.ve) is Latin America’s fastest growing online retailer with operations in Mexico, Colombia, Peru, and Venezuela. Linio is pioneering e-commerce across some of the world’s fastest growing countries by offering a fast, secure, and convenient online shopping experience with a broad product offering in categories ranging from consumer electronics to household goods, toys, and sports equipment. Linio strives to provide its customers the best possible service – including multiple payment options, free returns, and extensive customer service and warranty commitments. Founded in 2012, the company currently employs more than 400 people and has accumulated over 20 million site hits, almost 2 million fans on its Facebook page, and more than 35,000 followers on Twitter.