E-commerce startup Linio raises €58m to fund expansion plans


chileVenture capital-backed Latin American Amazon close Linio has raised €58m to support its expansion into new markets.

Linio said that Northgate Capital and billionaire Len Blavatnik’s firm Access Industries led the latest investment round. The company, which was launched by German venture capital firm Rocket Internet, has recently launched in Chile and plans to expand into other markets in Latin America.

Linio’s other backers include Latin Idea, Tengelmann Group, JP Morgan Asset Management, Investment AB Kinnevik and Summit Partners.

Linio CEO Andreas Mjelde said, “(The investment) will help us continue our geographical expansion to more countries in Latin America, starting with Chile.

“We will also continue to improve our technological platform and invest in marketing for our existing markets, Mexico, Colombia, Peru and Venezuela.

“With this new investment Linio will continue to position itself as the best choice for Latin American consumers, offering more than 100,000 products of high quality international brands at competitive prices in each of our countries.”

Other companies backed by Rocket Internet include Berlin-based online food delivery hub Foodpanda, which raised a $20m round earlier this year.

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