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Brazilian Mobile Commerce Startup Movile Raised $40 million to Accelerate Growth

Brazilian Mobile Commerce Startup Movile Raised $40 million to Accelerate Growth Image Credit: Movile

Brazilian mobile commerce startup, Movile has raised $40 million in Series F funding led by Naspers through its Naspers Ventures division. Naspers is a global internet and entertainment group and one of the largest technology investors in the world. 

According to Movile, the new funds will be used to accelerate the continued growth of its suite of apps and services in Latin America and beyond, as well as enter the ticketing industry through a $4 million investment in Sympla, a Brazilian online ticketing and event management company. 

The Sao Paulo-based firm first debuted its content and payment applications for mobile phones 16 years ago and is best known for its PlayKids app. Movile has 15 offices around the world and its mobile products and services reach more than 70 million people each month. 

Over the last three years, Movile said it has invigorated the Latin American technology ecosystem, investing more than $100 million to build a suite of industry-leading mobile commerce apps and services across the delivery, logistics and streaming media markets.

Fabricio Bloisi, CEO and cofounder of Movile
We add strategic value far beyond a capital injection. Our synergies are well proven in mobile, marketing, management and financial processes, which together make us a valuable partner. 

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Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

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