News

Brazil delivery provider iFood raises $500M

November 15, 2018

iFood, a Brazil-based food delivery company, has raised $500 million in what it claims to be the biggest funding round in Latin America.

Movile, iFood's owner, provides service to 50,000 restaurants and 120,000 couriers, according to a Forbes report. The funding round is the sixth for iFood, which has raised a total of $100 million.

"In order to keep growing exponentially like we have done, we have to invest like companies in the U.S. and China do — and that's what we will do over the next 14 months," Fabricio Bloisi, founder of Movile, told Forbes.

The funding round includes existing supporters, Innova Capital, Movile and Naspers. Forbes reports Movile is reportedly talking to more potential investors to boost the funding in the next few months.