Mexico City, July 16, 2021- We are pleased to announce a capital raise of over $500 million at a $5.25B valuation, in a round led by T. Rowe Price.
T. Rowe Price is joined in this round by new investors Baillie Gifford, Third Point and Octahedron as well as GIC and Softbank, who are already part of our group of investors that includes DST Global, Y Combinator, Andreessen Horowitz and Sequoia Capital, among others. We welcome their insights and value our investors’ meaningful contributions to our growth and positive impact strategy.
Our urgent goal is to support the recovery of our region and help it emerge even stronger from the recent difficult times. As one of the pioneer tech companies in Latin America, we understand that we have a unique role and responsibility to contribute to a technological ecosystem that is transforming the future. By staying true to our principles of entrepreneurship, we can help our customers improve their lives while meeting our goals and creating value. We have always focused on being a reliable partner for millions of people and tens of thousands of businesses by innovating to create new services such as fast delivery through micro fulfillment centers—Turbo—and financial services.
Our global group of extraordinary investors trust in our unique model, believe in our region’s strength, and support our vision to actively contribute to economic development by boosting local commerce. Their additional capital affirms our vision and will enable us to continue executing upon plan, drive exceptional growth, and meet our customers needs. We are proud to welcome them to our company and excited to continue this journey together.
Founded in 2015, Rappi is Latin America’s first and local SuperApp, now present in 9 countries and more than 250 cities across the region. We are proud that we have been able to contribute to our communities over the past 6 years by serving as a lifeline of sales for our restaurant partners, providing a digital channel for small businesses, providing a way for people to earn income, and saving time for our customers for them to enjoy as they choose.
Rappi provides an experience that allows consumers to order nearly any good or service. In addition to traditional delivery, users can get products delivered in less than 10 minutes, can access financial services, as well as “whims,” and “favors”, services that are the first of their kind in the industry. Whims allow users to order anything available in their coverage area. Favors offer an endless array of custom services, such as running an errand, going to the hardware store, or picking out and delivering a gift. These products allow users to connect directly with a courier. It's a service at your fingertips—if it can be bought, done, and delivered, Rappi can help you do it.