Endeavor Catalyst Backs Mexico’s 99 Minutos in Their Effort to Expand in Latin America
Endeavor Catalyst invests in Mexico’s 99 minutos, a last mile e-commerce delivery service, to support the team’s expansion plans in Latin America.
“Alexis Patjane has been engaged in the Endeavor community for eight years, creating the first logistics company in Latam to master zero-emission last-mile deliveries,” adds Allen Taylor, Managing Director of Endeavor Catalyst. “Innovators like Alexis are creating the services — and jobs — of the future, and that’s what the world needs today more than ever.”
99 minutos closed a $40M series B from Prosus Ventures and Kaszek, in May 2021. This triad of investments aims to provide 99 minutos with a long-term, well-capitalized financial partner who will support business expansion in Latin America and accelerate their same-day city-to-city deliveries. The company has rapidly grown to operate in 40 major markets, including Mexico, Chile, Colombia, and Peru, offering four services: less than 99 minutes delivery, same-day delivery, next-day delivery, and C02-free delivery.
“E-commerce is growing quickly in Latin America, but it is still [the] early days. E-commerce penetration in Latin America is at 6%, while China is reaching 30% and the U.S. is at 20%,” the company said in a statement.
99 minutos Founder and Endeavor Entrepreneur Alexis Patjane stated, “We are excited to partner with Prosus Ventures, Kaszek, and now with Endeavor as we aspire to impact lives, delivering high-impact delivery solutions to our clients.”
About 99 minutos
99 minutos is revolutionizing the logistics ecosystem in Mexico and Latam as it allows e-commerce companies to deliver products the same day at a low cost. Currently, the company operates in Mexico, Chile, Colombia, and Peru. 99 minutos is the first logistics company in Latam to master zero-emission last-mile deliveries.
About Endeavor Catalyst
Endeavor Catalyst is Endeavor’s rules-based, co-investment fund that invests in the companies of Endeavor Entrepreneurs. With $250M in Assets Under Management (AUM) across three funds, Endeavor Catalyst has made 180+ investments in 30+ markets to date and counts 26 unicorns in its current portfolio. Endeavor Catalyst offers a unique opportunity for Endeavor to become financially self-sustaining by investing in the very entrepreneurs it supports while generating access to world-class companies and meaningful returns for investors.
About Prosus Ventures
Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.
The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors in markets including India, Russia and Brazil. Through its ventures team, Prosus invests in areas including health, logistics, blockchain, and social commerce. Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who are using technology to improve people’s everyday lives.
Every day, millions of people use the products and services of companies that Prosus has invested in, acquired or built, including Avito, Brainly, BYJU’S, Bykea, Codecademy, DappRadar, DeHaat, dott, ElasticRun, eMAG, Eruditus, Honor, iFood, Klar, LazyPay, letgo, Meesho, Movile, OLX, PayU, Quick Ride, Red Dot Payment, Remitly, Republic, SimilarWeb, Shipper, Skillsoft, SoloLearn, Swiggy and Udemy. Hundreds of millions of people have made the platforms of Prosus’s associates a part of their daily lives.
For listed companies where we have an interest, please see: Tencent (www.tencent.com), Mail.ru (www.corp.mail.ru), Trip.com Group Limited (www.trip.com), and DeliveryHero (www.deliveryhero.com). Today, Prosus companies and associates help improve the lives of around a fifth of the world’s population. Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and secondary listings on the Johannesburg Stock Exchange (XJSE:PRX) and a2X Markets (PRX.AJ). Prosus is majority-owned by Naspers. For more information, please visit www.prosus.com
Kaszek is a Latin American venture capital firm that partners with exceptional entrepreneurs to build lasting, high-impact technology-based companies whose main initial focus is Latin America. The firm is industry and stage agnostic, mainly investing in Seed, Series A and Series B. In addition to capital, it provides first-hand expertise and insights in strategy, operational execution, team building, growth, technology, product, networking, fundraising and more.
Some of the fund’s portfolio companies are: Nubank, QuintoAndar, Kavak, Creditas, TheNotCompany, Konfio, Kavak, Bitso, GymPass, MadeiraMadeira, Escale, Kushki, NuvemShop, DigitalHouse, LaHaus, and CrediJusto. www.kaszek.com/portfolio