New York – May 9, 2019 – Cooley advised on-demand delivery service Rappi on an investment by SoftBank of up to $1 billion. The transaction marks the largest technology financing to date in a Latin America-based company. The Cooley team was led by Stephane Levy, Tamim Bazzi, Samantha Ku and Benjamin Weitz.
The SoftBank investment will enhance Rappi’s presence in existing markets and accelerate growth into additional areas throughout the Latin American region, as well as into additional product and service areas.
“This is the result of very hard work by all members of our team, which is absolutely committed to transforming the quality of life of Latin Americans,” said Simon Borrero, co-founder and CEO of Rappi, in a news release. “We will continue to invest in market-creating innovations to provide opportunities for millions in the region. It is time for a technology-driven Latin America, and SoftBank's support is essential to lead this transformation.”
Sebastian Mejia, Rappi co-founder and president, added that “SoftBank’s vision of accelerating the technology revolution deeply resonated with our mission of improving how people live through digital payments and a super-app for everything consumers need. We will continue to focus on building innovations for couriers, restaurants, retailers and startups that translate into new sources of growth.”
Rappi is an all-purpose delivery application that aims to be the personal assistant for its users. With a presence in Brazil, Colombia, Mexico, Argentina, Chile, Uruguay and Peru, it enables users to order and receive deliveries for a broad set of goods, including groceries, meals, beverages, electronics and medical prescriptions.
Cooley has advised Rappi on several financings since 2016, including its $220 million funding round last year, which established the company’s unicorn status.
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