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Cinepapaya, led by Endeavor Peru Entrepreneurs Gary Urteaga and Manuel Olguin, was acquired by leading digital network Fandango in a deal of a yet undisclosed amount announced December 1, 2016. Fandango’s acquisition of Cinepapaya — the top online movie-ticketing service in the region, serving 42 million unique monthly visitors — will expand Fandango’s reach to seven new countries: Mexico, Argentina, Colombia, Chile, Ecuador and Peru.
Founded in 2012, Cinepapaya is widely regarded as one of the most successful startups in Peru, with US$7.5 million dollars in movie ticket sales in 2015.
Cinepapaya co-founders Gary Urteaga and Manuel Olguin with Endeavor Peru Managing Director Ana Sofia Valdivia and Endeavor Co-Founder and CEO Linda Rottenberg
Cinepapaya was selected as an Endeavor company at the 60th International Selection Panel in August, 2015, in San Francisco, California. Prior to its selection, in 2014 the company received $2 million in investment from Brazilian Endeavor Entrepreneur-led company Movile — a true testament to influence of Endeavor Entrepreneurs on facilitating the growth of interconnected entrepreneurial ecosystems regionally.
“We are proud and excited to belong to the Fandango family, the leading US company for all things movies” Cinepapaya announced on Twitter. “It’s been four years of great challenges that have left us enormously satisfied.”
Cinepapaya announced its acquisition by Fandango on Twitter.
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