99minutos Raises $82 Million Series C Round Led by OAK HC/FT

Mar 02, 2022. MEXICO CITY

New funding to accelerate expansion, as 99minutos moves closer to becoming a leading tech company for e-commerce logistics in the region

- 99minutos, the scale up offering affordable, fast and reliable logistics services for e-commerce vendors across Latin America, today announced a US$82 million fundraising round led by OAK HC/FT, with participation from existing investors Kaszek and Prosus Ventures.

Since its last funding round in May 2021, 99minutos' operation and business has grown threefold. The Series C funding will now enable the company to execute a three-pronged strategy made up by scaling new business models, http://punto99.mx/expanding further into LatAm, and investing in new sustainability initiatives in line with the company's low-carbon goals.

The market size for retail e-commerce in LatAm is expected to increase to US$160 billion by 2025, compared to an estimated US$85 billion in 20211. This incredible acceleration requires logistics infrastructure to scale accordingly, in addition to the need for specialized services across the entire supply chain.

To address these needs, 99minutos will continue to grow its core last-mile delivery business, as well as expand its suite of services for e-commerce logistics. These new offerings include Punto 99, a new Pickup/Dropoff network; new services to cover the entire fulfillment process, including storage and picking & packing; and the launch of a route tracking and optimization SaaS solution for its customers. This round will also fund a comprehensive plan to further the company's positive ecological impact, including investments to increase the use of electric vehicles and other sustainable practices in their operations.

"The quality and depth of the technology we have developed in the past year, coupled with the new talent we have brought on board has enabled us to scale our operations, become more efficient, and prepare us for more structured growth," said Alexis Patjane, CEO of 99minutos. "We are eager to continue investing in our technology and infrastructure with the goal of becoming the largest, most sustainable provider of e-commerce logistics in Spanish-speaking LatAm. These ambitions inspired us to partner with the expert team at Oak HC/FT."

"Ecommerce in LatAm has experienced exponential growth over the past few years, creating a clear need for effective technology solutions to enable a seamless process from order to delivery," said Allen Miller, Principal at Oak HC/FT. "99minutos is meeting this need and has impressively expanded beyond its core last-mile offering to become the leading technology logistics and fulfillment company in the region. We look forward to supporting the team as the company continues its growth and expansion in LatAm."

About 99minutos Founded in Mexico City in 2014, 99minutos is transforming the e-commerce landscape in Latin America by offering the fastest and most reliable logistics services for e-commerce vendors across Mexico, Colombia, Chile and Peru. Through its five distinct services: less than 99 minutes, same-day, next-day, CO2-free delivery, and economy, 99minutos handles more than 15 million packages per year for major e-commerce companies and thousands of smaller e-commerce brands.

About OAK HC/FT Oak HC/FT is a venture and growth equity firm investing in companies driving transformation in healthcare and fintech, two uniquely complementary and high-growth sectors. With deep domain expertise and strategic resources, Oak HC/FT partners with leading entrepreneurs at every stage, from seed to growth, to build businesses that make a measurable, lasting impact on these industries. Founded in 2014, the firm has $3.3 billion in assets under management and is headquartered in Greenwich, CT, with investors in San Francisco and Boston. Follow Oak HC/FT on Twitter and LinkedIn and learn more at oakhcft.com.

About Prosus Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities. The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors.

Through the Prosus Ventures team, the group invests in new technology growth opportunities within logistics, fintech, health, blockchain, social and ecommerce platforms, agriculture and more. The team actively backs exceptional entrepreneurs who are using technology to improve people's everyday lives.

Each month, more than 2 billion customers across the globe use the products and services of companies that Prosus has invested in, acquired or built. To find out more, please visit www.prosus.com.

About Kaszek Kaszek is a Latin American venture capital firm that partners with exceptional entrepreneurs to build lasting, high-impact technology-based companies whose main initial focus is Latin America. The firm is industry and stage agnostic, mainly investing in Seed, Series A and Series B. In addition to capital, it provides first-hand expertise and insights in strategy, operational execution, team building, growth, technology, product, networking, fundraising and more.

Some of the fund's portfolio companies are: Nubank, QuintoAndar, Kavak, Creditas, TheNotCompany, Konfio, Bitso, GymPass, MadeiraMadeira, Escale, Kushki, NuvemShop, DigitalHouse, LaHaus, and CrediJusto. www.kaszek.com/portfolio.

1 https://www.statista.com/statistics/445860/retail-e-commerce-sales-latam/#:~:text=In%202020%2C%20retail%20e%2Dcommerce,160%20billion%20dollars%20by%202025.

CONTACT: Jaimee Pavia, pro-oakhcft@prosek.com

SOURCE 99minutos

Indonesian Hindu University Business Incubator

May 20, 2022. DENPASAR, Bali.

Business Incubators at higher education institutions/Universities are now a must. The business incubator provides facilities and development of soft-skill and hard-skill capabilities for tenants and prospective entrepreneurs, in order to become entrepreneurs who are superior, tough, independent, competitive, and profitable.

Three Circles (symbolizing unifying and round unity). The outer circle is golden yellow. The center circle is white with 19 golden yellow dots (dots), the symbol of the 19th (date of founding of the Indonesian Hindu University). The inner circle is white with 5 dots (dots) in yellow gold, the symbol of the month of May (the month of the founding of Indonesian Hindu universities).

The Padma Flower Leaf is composed of three layers as a symbol of the Higher Education's task, namely the Tri Dharma of Higher Education (education, teaching, research and community service). Each layer of lotus leaves consists of 8 strands which symbolize the eight directions of the wind (Asta Loka). Lotus petals with flat edges, with a golden yellow tint. The second layer of lotus petals with a semicircular pointed edge is golden yellow.

Pusat sari melambangkan pusat ilmu pengetahuan dan teknologi, seni dan keagamaan yang suci dan luhur, terdiri atas 93 bintik kuning emas yang melambangkan berdirinya Universitas Hindu Indonesia.

VISION

To become a reliable and sustainable Business Incubator, to foster strong and independent startup entrepreneurs based on technology and local wisdom in 2025 in Bali

MISSION

To become an entrepreneur based on technology and local wisdom in Bali

Helping technology-based start-ups to commercialize products based on local wisdom in Bali

Realizing a sustainable business incubator (people, profit, planet).

Accelerating Asia announces Q1 investments into 13 startups across 10+ markets

May 5, 2022. SINGAPORE.

International early-stage VC fund, Accelerating Asia has announced its latest round of investments today including nine new companies joining Cohort 6 of the flagship program and additional capital into four existing portfolio companies.

International early-stage VC fund, Accelerating Asia has announced its latest round of investments today including nine new companies joining Cohort 6 of the flagship program and additional capital into four existing portfolio companies.

The new investments take Accelerating Asia’s portfolio to 52 startups who have raised a total of over US$42M. Cohort 6 continues the portfolio’s trend of attracting early investor interest with ~US$1.5M in soft commitments received during month 1 of the program when access is reserved for Accelerating Asia’s network, adding to the $2.5M raised prior to joining the program. The new investments in Cohort 6 also have market traction and growth revenue with an average GMV of $100k per month and an average monthly recurring revenue of over $25k.

“With the 9 new portfolio startups selected from 600 applicants and 4 follow-on investments, Accelerating Asia is excited to continue to invest in highly scalable pre-Series A startups that also have a positive impact in respective operating markets.” Amra Naidoo

Cohort 6 startups have a market presence in 10+ countries in Southeast Asia, South Asia, North America and Europe and cover 8 verticals including proptech, marketplace, fintech, logistics, services, eCommerce and healthtech. The nine new startups also include 40% female co-founded startups - Tokban, 60+, relay.club, and Markopolo.ai, all of which have a female Chief Operating Officer or Chief Executive Officer and 80% of startups are also addressing Sustainable Development Goals.

“With the 9 new portfolio startups selected from 600 applicants and 4 follow-on investments, Accelerating Asia is excited to continue to invest in highly scalable pre-Series A startups that also have a positive impact in respective operating markets. Since 2019, we’ve built up our portfolio of startups with investors coming to Accelerating Asia to gain early access to a pipeline of startups that combine profit with purpose,” Accelerating Asia General Partner Amra Naidoo said.

“Our VC accelerator model ensures high potential founders have greater access to needed capital financing, mentoring and skill sets to enhance their growth trajectory and quickly become leaders in their respective verticals while also lowering the overall risk for our investors at an early stage.

“With the new cohort, we add a second investment into Pakistan and India, with Godaam and 60+ joining Deaftawk and ProjectPro in the portfolio. We also broaden our geographical footprint by investing into Relay.Club and Nucredits which are serving Chinese customers and connecting to international markets,” Amra said.

“In Bangladesh, the ecosystem is at a similar point to where Indonesia was 5-6 years ago and GDP growth is on track to be ~7% in 2022, making it one of the fastest growing economies regionally.” Craig Bristol Dixon

In Q1 2022 Accelerating Asia also made follow-on investments into Shuttle, Transtrack.ID, Numu and Giftpack, adding to the additional investments into ProjectPro and iFarmer made in 2021. Accelerating Asia first invested in these six companies in 2020 and 2021, since then average monthly revenue has grown 332% and are projected to grow revenue to an average of over $16M this financial year. Since joining the portfolio, the startups have also launched new product offerings, signed new clients and optimised operations to sustain revenue growth and develop new income streams.

In addition to investment from Accelerating Asia, these startups have raised from Cocoon Capital, the Indonesian Women Empowerment Fund ( an initiative of Moonshot Global & YCab Ventures), Draper Startup House Ventures Fund, HH VC Investments, Startup Bangladesh, Impact Collective and angels investors in Accelerating Asia’s fund.

“We’re excited to continue to invest in our portfolio companies as they grow alongside leading institutional investors. There is significant market and investor demand for the portfolio especially in digitisation of transport and logistics networks with the industry at an inflection point in emerging economies like Bangladesh and Indonesia. With their fleet telematics solution and the founding team’s extensive industry experience, TransTRACK.id is well placed to capitalise on the growth of the freight and logistics market which is expected to be worth US$383B by 2023,” said Accelerating Asia General Partner Craig Bristol Dixon.

“In Bangladesh, the ecosystem is at a similar point to where Indonesia was 5-6 years ago and GDP growth is on track to be ~7% in 2022, making it one of the fastest growing economies regionally. We first started investing in Bangladesh in 2019 as one of the first international VCs, since then investor interest into our portfolio has increased. For example, Shuttle has successfully grown from starting as a safe transportation solution for women to expanding its serve to include B2B offerings for companies and more routes.” Craig said.

Accelerating Asia launched Fund II in 2021, Cohort 6 are the second batch of investments for Fund II which will deploy capital across Southeast and South Asia pre-Series A startups. If you’re an accredited investor who is looking to gain access to qualified deal flow and contribute to Accelerating Asia’s to build the best pre-Series A startups in the region, reach out to the Accelerating Asia team for more information about investing alongside us. The invite only Demo Day for Cohort 6 will be held on June 30, more information on how to apply to attend can be found here