Brazilian urban mobility startup 99 announced that it has signed an investment agreement of US$100 million with SoftBank. This extension, combined with more than US$100 million invested in the first tranche led by DiDi Chuxing and Riverwood in January 2017, closes this investment round of more than US$200 million. This is 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.
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. The new capital will 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.
“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”, said David Thévenon, Managing Director at SoftBank.
Peter Fernandez, CEO of 99, 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”.
Operating since 2012, 99 is Brazil’s largest local shared mobility provider and already connects more than 200,000 drivers to more than 14 million registered users.
“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”, Fernandez added.
This transaction remains subject to customary closing conditions, including approval from CADE – the Brazilian antitrust commission.
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, one of the fastest-growing internet markets in the world, connecting more than 200,000 drivers and 14 million registered users. 99’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 quality of life in our cities and help solving urban mobility issues in Brazil and Latin America. http://www.99taxis.com/
The SoftBank Group is a global technology player that aspires to drive the Information Revolution. The SoftBank Group is comprised of the holding company SoftBank Group Corp. (TOKYO: 9984) and its global portfolio of companies, which includes advanced telecommunications, internet services, AI, smart robotics, IoT and clean energy technology providers. In September 2016, ARM Holdings plc, the world’s leading semiconductor IP company, joined the SoftBank Group. To learn more, please visit www.softbank.com.