GA_P advises Prosus on €164m investment in Brazil’s Movile

Gómez-Acebo & Pombo has counselled Prosus on its investment in Movile, one of Latin America’s leading and longest-standing investors and growth accelerators for technology companies

Movile Mobile Commerce Holdings, one of Latin America’s leading and longest-standing investors and growth accelerators for technology companies, has received a new investment from Prosus totalling €164,31 million according to market sources as TTR. It means the largest primary investment in a single round since Movile’s founding in 1998.

Headquartered in São Paulo, Brazil, Movile is one of Latin America’s largest investment groups and growth accelerators for technology companies. The Movile team is passionate about challenges and dreams big, with the goal of positively impacting the lives of 1 billion people through its technology and applications. The company and its affiliates employ more than 5,000 people around the world who are specialists in finance, management, culture and innovation.

Prosus, a global consumer internet group and one of the largest technology investors in the world, has been an investor since 2008 and is the majority shareholder of Movile.

The new funds will go towards expanding Movile’s current companies, including iFood, a leading food tech company and one of the biggest tech success stories to date in Latin America; MovilePay and Zoop, two of Brazil’s leading fintech; and Mensajeros Urbanos, a Colombia-based logistics company that is also growing fast in Mexico and other LatAm countries. Movile also plans to invest in new innovative tech startups in Brazil and across Latin America.

“Seeing the success of companies like iFood in Latin America has empowered so many new, innovative founders to rise up and join the burgeoning tech ecosystem in the region,” said Patrick Hruby, CEO of Movile. “Movile is committed to improving people’s lives in the region and beyond, and this includes supporting entrepreneurs, generating new jobs and bringing more practicality and convenience to consumers. With these new funds, we will continue to help quality founders to achieve their big ambitions to build the next success story in the region.”

GA_P´s team advising Prosus was led by New York office partner David González Gálvez (pictured left) and Madrid office associate Rocío García de Oteyza Kindelan (pictured right).

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