The 99 Minutes startup raises $ 40 million; readies expansion in Latam

The Mexican last mile logistics startup 99 Minutos, founded by entrepreneur Alexis Patjane, announced that it managed to close a new round of investment in series B, for a total of de 40 million dollars (mdd).

This capital will come to the company mainly from the Prosus Ventures and Kaszek funds, who have decided to bet on the growth of the startup born in 2014 and which today has more than 1,000 employees.

“We decided to start raising capital in mid-January, all this after the pandemic and all the noise that was generated for last-mile companies, this was an industry that began to grow a lot because people were unable to leave home he started to buy a lot online ”, details the entrepreneur in an interview.

It is a capital that will serve the startup, which was part of the 2021 list of the 30 Promises of the Businesses of Forbes Mexico, mainly to continue with its expansion plans throughout Latin America.

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In particular, Patjane revealed, the company’s advancement in the region will run in two directions. On the one hand, they will reach new countries that are on their radar today, such as, for example, Ecuador, Panama, Costa Rica and Argentina, the latter a site where electronic commerce is very well established.

“What we want is to continue taking our technology to other parts of the region, we had very good experiences when we opened countries such as Peru or Chile, so we are going to continue advancing very strongly in this process,” he warns.

While, on the other hand, the startup also hopes to continue growing within the countries in which it already has a presence today, which are Mexico, Colombia, Peru and Chile, specifically by conquering new cities within.

“I think there is still a lot to grow in the countries where we have a presence, look, for example, in Mexico the largest parcel that exists is DHL and it should represent perhaps 16%, we should be around 2%, so there is still a lot to do, “he says.

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The founder of 99 Minutes mentions that they will work hard to speed up the speed of their deliveries, which each time must be faster in order to meet the expectations that consumers have today.

“We are going to launch new products that are going to be related to the evolution of online shopping, today we already have buyers with more confidence and much more involved, so we are going to work a lot on this,” says Alexis Patjane.

Finally, the Mexican entrepreneur adds that he also plans to increase his volume of collaborators within the technology segment, because they consider it essential for their future development.

“Obviously the technology team is one of the most important that we have in the company, so the idea is that this particular segment will have at least 100 employees by the end of August, we are going to start a very strong hiring process,” he concludes .

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