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Brazilian startup Yellow raises $63M — the largest Series A ever for a Latin American startup

After selling their ridesharing startup, 99, to Didi Chuxing for $1 billion last year, Ariel Lambrecht and Renato Freitas didn’t waste any time throwing their hats back in the ring. Months after their big exit, the pair joined forces with Eduardo Musa, who spent two decades in the bicycle industry, to start another São Paulo-based mobility startup. Yellow, a bike- and scooter-sharing service, quickly captured the attention of venture capitalists, raising a $12.3 million seed round in April and now, the company is announcing the close of a $63 million Series A. The round is the largest Series A financing ever for a startup in Latin America, where tech investment, especially from U.S.-based firms, has historically remained low. 2017, however, was a banner year for Latin American startups; 2018, it seems, is following suit. More than $600 million was invested in the first quarter of 2018, partly as a result of increased activity from international investors. And just last month, on-demand delivery startup Rappi brought in $200 million to become the second Latin American company to garner a billion-dollar valuation. GGV Capital has led the round for Yellow . The Silicon Valley firm is a backer of several other mobility companies, including Grab, Lime, Hellobike and Didi Chuxing. Yellow represents the firm’s first foray into the Latin American tech ecosystem. Brazilian VC firm Monashees, Grishin Robotics, Base10 Partners and Class 5 also participated. “We think there’s a new economy emerging in Latin America,” GGV managing partner Hans Tung told TechCrunch. “A lot of people are more cautious but what we’ve seen with our experience in China, when internet penetration started to happen, a new economy started to emerge that’s more efficient.” The tech investment wave has reached Latin America Yellow’s bikes and e-scooters are only available in São Paulo. With the investment, the startup plans to expand to Mexico City, Colombia, Chile and Argentina, as well as add e-bikes to its portfolio of micro-mobility options. The company also plans to tap into local resources by building a scooter manufacturing facility in the region. Yellow CEO Eduardo Musa told me the company doesn’t want to be reliant…

Taxify is entering the e-scooter game

Estonian ride-hailing company Taxify will compete with Bird and Lime in Europe with its new brand of e-scooters, called Bolt, launching in Paris on Thursday. The company has rolled the scooter sharing service into its mobile app, which has attracted 10 million users in 25 countries since it launched in August 2013. A spokesperson for the company told TechCrunch it plans to release scooters in several other European and Australian cities where their app is already established, but will also launch in new markets where they’ve been unable to offer ride-hailing services because of regulatory roadblocks, including Germany and Spain. As of now, Taxify has no plans to scoot into the US market. “One in five Taxify rides are less than 3 km, which is the perfect distance to cover with an electric scooter,” Taxify CEO and co-founder Markus Villig said in a statement. “It’s likely that some of our ride-hailing customers will now opt for scooters for shorter distances, but we’ll also attract a whole new group of customers with different needs. This means we’ll be able to help more people with their daily transportation problems.” A Bolt scooter ride will cost 15 cents a minute, with a minimum fare of €1. Just like other e-scooter startups, you unlock the GPS tracked scooters by scanning the QR-code on the scooter using the Taxify app. Taxify will collect the scooters in the evenings for recharging. Lime e-scooters went live in Paris at the end of June. About a month later, Bird’s fleet did the same, rolling into Paris and Tel Aviv as part of its international launch. GoBee Bike, Obike, Ofo and Mobike — all dockless bike providers — have also launched in Paris. GoBee has since exited after failing to compete with heavyweights like Mobike, which is owned by the multi-billion dollar Chinese company Meituan. Taxify, for its part, is a favorite among private investors. In May, the company brought in $175 million from Daimler, Didi Chuxing and others. The financing brought the company to the $1 billion valuation mark, where it joined fellow ride-hailing giants Lyft, Uber, Careem and more in the unicorn club.…

Rappi raises $200M as Latin American tech investment reaches new highs

Rappi, the Colombian on-demand delivery startup, has brought in a new round of funding at a valuation north of $1 billion, as first reported by Axios and confirmed to TechCrunch by a source close to the company. DST Global has led the more than $200 million financing, with participation from Andreessen Horowitz and Sequoia — all of which were existing investors in the company. Rappi kicked off its business delivering beverages and has since expanded into meals, groceries and even tech and medicine. You can, for example, have a pair of AirPods delivered to you using Rappi’s app. The company also has a popular cash withdrawal feature that allows users to pay with credit cards and then receive cash from one of Rappi’s delivery agents. Rappi charges $1 per delivery. To help keep costs efficient, the company’s fleet of couriers use only motorcycles and bikes. Simón Borrero, Sebastian Mejia and Felipe Villamarin launched the company in 2015, graduating from Y Combinator the following year. From there, Rappi quickly captured the attention of American venture capitalists. A16z’s initial investment in July 2016 was the Silicon Valley firm’s first investment in Latin America. The new capital will likely be used to help Rappi compete with Uber Eats, which is active across Latin America. The tech investment wave has reached Latin America The round for Rappi is notable for a Latin American company, as is its new unicorn status. Only one other Latin American startup, Nubank, has surpassed a billion-dollar valuation with new venture capital funding so far in 2018. São Paulo-based Nubank makes a no-fee credit card and is also backed by DST. Investment in Latin American tech continues to reach new highs. In the first quarter of 2018, more than $600 million was invested. That followed a record 2017, which was the first time VCs funneled more than $1 billion into the continent’s tech ecosystem during a 12-month period. The rise in investment is mostly due to sizable fundings for companies like Rappi and Nubank, as well as Brazil-based 99, which sold to fellow ride-hailing business Didi Chuxing in a deal worth $1 billion earlier…

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