Delivery app Rappi becomes latest Latin tech unicorn

The company is estimated to have reached a valuation of $1.1 billion following a new funding round.

Delivery startup Rappi has reached an estimated market value of $1.1 billion, becoming the latest best-funded Latin American tech startup.

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The company develops an app intended to enable the on-demand delivery of any item, from supermarket products to pharmacy items. The startup raised $220 million in its latest funding round in late August, led by DST Global, with participation of previous investors Sequoia Capital and Andreessen Horowitz.

The latest round of funding takes the Colombian company founded in 2015 to unicorn level - the term used to describe startups that are valued at over $1 billion.

Rappi started operations in Brazil in August 2017 with a São Paulo base. It has since expanded into Rio de Janeiro, Porto Alegre and Belo Horizonte.

The company also has operations in Argentina, Mexico, Uruguay and Chile and operates with over 30,000 couriers.