Spotlight: Softbank’s LatAm unicorn push
Japan's SoftBank, through its Vision and SoftBank Latin America funds, has been behind the emergence of new startup unicorns in Latin America.
The US$5bn LatAm fund, considered the world's largest tech fund focused exclusively on Latin America, started being structured in March.
Since then, a series of investments have helped push the market value of some of the startups to US$1bn or more, granting them unicorn status.
Three countries have been the focus to date.
BRAZIL
Softbank led an investment of US$231mn in Brazilian fintech Creditas, local magazine Exame reported on Wednesday.
According to the report, Softbank alone is putting US$200mn in the fintech that offers guarantees for real estate and auto loans. Although not quite a unicorn just yet, the investment round values the company at US$750mn.
According to the Fintech Mining Report 2019, there are some 550 fintechs operating in Brazil. Of these, 231 were created between 2016 and 2018. Of the total, 114 fall under the category of payment services and another 85 offer credit.
- Gympass
In June, startup Gympass received US$300mn from Softbank, New York-based General Atlantic, Atomico and Valor Capital to enhance its international expansion and improve its artificial intelligence capabilities.
The deal pushed Gympass’ market cap to US$1bn. The international expansion will be focused on Asia.
Gympass allows companies to offer their employees access to gyms. Its app is available in 14 countries and has nearly 47,000 partner studios.
- Loggi
Delivery app Loggi reached US$1bn in market value in June after raising a further US$150mn in an investment round led by Softbank's Vision fund.
Loggi, which competes with Bogotá-based Rappi, said it aims to expand its operations and plans to be able to make one-day deliveries in at least 95% of Brazil's municipalities by 2020.
COLOMBIA
In May, in its first investment in Latin America, Softbank said its funds were pumping US$1bn into Rappi.
Softbank and the Vision fund each invested US$500mn in the delivery service, which reached unicorn status last year.
The app was launched in 2015 and operates in Colombia plus Mexico, Brazil, Argentina, Chile, Peru and Uruguay. The resources will used to expand its footprint and establish itself in new Latin American cities.
MEXICO
Also in May, Softbank and General Atlantic invested US$20mn in Mexican digital payment system Clip, as part of its renewed push to enter the tech scene in Latin America, according to Reuters.
Clip’s valuation after the investment round rose to close to US$400mn, the sources said.
Clip offers a POS terminal for credit and debit card payments, among others. The startup charges a 3.6% commission per transaction.
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