Brazilian urban mobility startup 99 secures $100 million from SoftBank. This investment is an extension to the $100 million which was invested in the first tranche by DiDi Chuxing and Riverwood in January 2017. With this investment, the round closes with the investment of more than US$200 million.
Founded by Masayoshi Son in 1981, SoftBank is a major investor in the ridesharing space globally, with significant investments in DiDi, Ola and Grab, the leading rideshare platforms in China, India and Southeast Asia, respectively. In less than six months from DiDi and Riverwood’s investment, 99 was able to attract another leading international investor.
This is claimed as the largest investment round so far in a Brazilian start-up according to FactSet. Previous backers include Monashees, Qualcomm Ventures, and Tiger Global. Lazard advised 99 on this transaction.
On the investment, David Thévenon, Managing Director at SoftBank, said:
We see strong growth and a great outlook for the mobility solutions sector in Latin America. The 99 team has made impressive progress in Brazil, now operating in more than 400 cities and bringing positive changes to millions of users. We are committed to supporting local champions like 99, and look forward to participating in their long-term success
99 is a Brazilian urban mobility startup. The company offers app-based on-demand private car and taxi-hailing services across more than 400 cities in Brazil and is claimed to be one of the fastest-growing internet markets in the world. The company connects more than 200,000 drivers and 14 million registered users.
Commenting on the company, Peter Fernandez, CEO of 99, said:
99 was launched in 2012, with only three entrepreneurs. Today, we are an urban mobility startup with a team of over 350 people working together in a collaborative environment with our community of drivers, users and the Brazilian public authorities. Our aim is to provide services that help solving urban mobility issues in the region
Further adding to that, he said:
We are confident in our ability to strengthen our leadership in peer-to-peer transportation services in Brazil and in Latin America. Since DiDi’s investment, 99POP weekly rides have grown tenfold. Our strategy is clearly bringing results and we are excited to have SoftBank as an investor. This investment is another strong indication of our leading position in the growth of e-hailing services in the region
The company’s mission is to make transportation more affordable, faster and safer, in a socially conscious way that prioritizes driver welfare and collaboration with local governments to improve the quality of life in the cities and help to solve urban mobility issues in Brazil and Latin.
The new capital will be used to further strengthen 99’s fast-growing peer-to-peer service, 99POP, to consolidate it as the leading platform for private drivers in Brazil and to expand it to other countries in Latin America.