Linio, the Rocket Internet-incubated e-commerce portal that has aspirations to be the Amazon of Latin America, is today announcing a round of funding that brings on board the startup’s first large, strategic local investor. Latin Idea, a Mexico based private-equity fund, is leading a $50 million round in the company, with participation from existing investors and Rocket regulars JP Morgan Asset Management, Investment AB Kinnevik, the Tengelmann Group, Summit Partners, and Rocket Internet itself.
This comes on the back of what appears to be two previous rounds in Linio: $26.5 million from Summit Partners in February 2013, and what is believed to be between $20 million and $26.5 million from Tengelmann in the same month. If these figures are accurate, that means over $100 million already for the company this year, after Linio was founded in 2012.
We’ve asked Rocket Internet and the company declined to disclose…
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