BY STAFF REPORT
Venture capital firm Summit Partners has announced that it had invested US$20 million in Colombian e-commerce firm Linio, known locally as the “Amazon of Latin America.”
Linio is the Latin American subsidiary of the German internet firm Rocket Internet.
The company stated that it would use the money to expand operations into other markets in the region. The e-commerce company currently has operation in Colombia, Peru, Mexico and Venezuela.
Founded in the spring of 2012, Linio has become a popular e-commerce company in the region offering a wide range of products, from cosmetics to toys to consumer electronics.
Tengelmann Group and JP Morgan Asset Management have also invested in Linio helping the company reach out to more customers in a short space of time.
Summit Partners has invested more than 15 billion U.S. dollars in 365 companies around the globe.