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Colombian on-demand delivery company Rappi, led by Endeavor Entrepreneurs Simon Borrero and Sebastian Mejia, reached a milestone $1 billion valuation in August 2018 with a funding round of more than $200 million, becoming only the second Latin American company to reach unicorn status with new venture capital funding so far in 2018.
Sebastian Mejia and Simon Borrero, founders of Rappi.
DST Global led the financing round with participation from existing investors Andreessen Horowitz and Sequoia, supplementing their initial investment round in which Endeavor Catalyst participated.
Originally launched as a grocery delivery app in late 2015, Rappi has evolved into a platform for the delivery of “everything” for Latin American consumers. Recognized as one of Latin America’s fastest growing start-ups, Rappi has a presence in Colombia, Mexico and Brazil. According to TechCrunch, the new capital will likely be used to help Rappi compete with Uber Eats, which already operates across the continent.
Selected into the Endeavor network in 2016 with their first company Grability, Simon and Sebastian successfully scaled a second venture, Rappi, and participated in Y-combinator. Grability is still operating, and is a key partner to Rappi, to which Simon and Sebastian are now dedicated full-time.
Read TechCrunch’s coverage of the investment here.
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