Mexico-based venture capital firm Latin Idea Ventures invested in e-commerce startup Linio. Similar to Amazon.com, Linio is a platform that sells various products. Latin Idea said the USD 50 million financing round was also participated in by existing investors. These included Summit Partners, JP Morgan Asset Management, Investment AB Kinnevik, Rocket Internet of Berlin and the Tengelmann Group.
According to Latin Idea's Managing Partner Alexander Rossi, the company provided an estimated half of the round's proceeds. The latest round brought to USD 100 million the amount raised by Linio.
Linio would use the funds for growth. Currently based in Mexico, Linio intends to expand operations to Peru, Venezuela and Colombia. According to a New York Times Dealbook report, Linio wanted to take advantage of the Latin American market which Amazon has been struggling to get a foothold in.
European company Rocket Internet formed Linio. Dealbook said the founding firm has received flak for forming companies by copying successful Internet companies worldwide.
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