Rocket Internet is always restless. After getting a $500 million injection earlier this years, they are decided to keep investing on it’s Latin American Fashion Portal, Dafiti. The site based out of Brazil got another huge injection of $70M to make the business grow further.
The investment came from a Canadian investment fund called Ontario Teachers’ Pension Plan (OTPP) which is also known for making several other tech investments such as a $400M in 360buy.com, a chinese e-commerce site.
Rocket Internet confirms that OTPP is the sole investor of this round, having taken an overall investment on Dafiti for $225 million and definitely making them Rocket Internet’s biggest shareholders together with Quadrant Capital Advisors and JPMorgan.
As some of you may know, Dafiti first started in Brazil back in 2011 and iIn no time they became one of the biggest e-commerce portals in Latin America, getting the attention of large portions of middle class consumers. They further expanded to other major players in the region such as Argentina, Chile, Colombia and Mexico. Unfortunately, Dafiti is not making public any of their revenues nor profitabilities, so the only thing we know is that they get about 25 million monthly unique visitors browsing around 2.000 brands and 125.000 products.
Dafiti co-founder, Philipp Povel, said that the investment will be used to strengthen their customer service and product assortment. He also said:
“All in all, this impressive funding helps us to bring Dafiti to the next level and fulfill on our strategic objective to change the way people in Latin America buy fashion, lifestyle and sports products”.
Here you have some metrics from the region:
- e-commerce is projected to grow 25% in 2013
- 10 million consumers added in 2011
- 39% of internet users in Brazil (31.6m people) will be making at least one purchase online by 2015
Wayne Kozun, SVP, public equities at OTPP said:
“Supported by a growing middle class, huge consumption potential and significant growth in online and mobile access, Dafiti is well positioned to succeed in online retail in Brazil and Latin America. We look forward to partnering with Dafiti’s succesful management team.”