Brazilian technology firm Movile has secured $400m in funding from private equity firms Naspers and Innova Capitals.
The company will use the funds to grow its online food delivery platform iFood. It will also help accelerate product development and innovation, as well as geographical expansion across the region.
This investment follows a prior $100m investment made by Movile and online food delivery marketplace Just Eat this year.
Movile’s CEO Fabricio Bloisi said: “Movile is very fortunate to have long-term investors that have supported us for the past decade to help achieve our goal of transforming the lives of more than one billion people and thus we are able to continually back iFood to ensure it remains the market leader.
“Our entire ecosystem of companies is focused on allocating resources and energy towards our one billion people goal, and iFood is leading the way fuelling unprecedented growth through its innovative technology platform, providing consumers, couriers and restaurants with the best experience in food ordering and delivery.”
Leveraging artificial intelligence (AI) technology, iFood is planning to personalise its food delivery experience. It currently operates in 483 Brazilian cities, including 50,000 restaurants and 120,000 delivery executives.
The online delivery platform is said to have reached 390,000 orders per day over the last week of October in Brazil. This has increased from 183,000 in the same period in 2017.