Brazil-based 99 has raised a whopping $100 million from SoftBank in funding, just a few months after raising the same amount from Didi Chuxing in January. This investment round, considered as an extension of the previous round, is now closed for over $200 million.
With the freshly raised funds, 99 will focus on expanding its peer-to-peer ride-sharing platform, 99POP, across Latin America. Founded in 2012, the platform claims to have about 200,000 drivers and 14 million registered users. David Thévenon, Managing Director at SoftBank, said,
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.
The total funding secured by the firm is about $225 million till date. The support of both, SoftBank and Didi, might prove to be difficult for Uber to expand across Latin America. Didi Chuxing dominates China’s ridesharing market and has received investment from SoftBank. It had invested in 99 along with Riverwood in the funding round. This will give a boost to its plans to strengthen its presence globally.
The startup was founded by a team of three with an aim to solve the urban mobility problems in the region. It now boasts over a staff of 350 members and works with their drivers, Brazilian public authorities, and users to address the issue of urban mobility.
Peter Fernandez, CEO of 99, in a statement, 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 transaction is, however, subject to customary closing conditions, that includes approval from the Brazilian antitrust commission, CADE.
