Linio, an e-commerce marketplace based in Mexico, late last week closed on a $55 million funding round led by LIV Capital and existing investor Northgate Capital. The company, which was founded in 2012 out of Berlin-based e-commerce incubator Rocket Internet, said it will use the funds for international expansion and to boost sales and marketing efforts. In addition to Mexico, Linio operates e-commerce sites in Argentina, Chile, Colombia, Peru and Venezuela.
“This new round of funding reflects the progress we have made towards technical and operational excellence in all aspects of our business while in an increasingly difficult environment,” said Andreas Mjelde, CEO and co-founder of Linio. “This capital round highlights our improvement in profitability, which lays the foundations for sustainable growth in the coming years.”
Since 2012, the company has raised more than $230 million in five separate rounds of investment.