99 Minutos Valuation, Funding & Investors
99 Minutos is valued at $45M as of March 2020.
Last 99 Minutos valuation
$45M
Series A · Mar 2020
Last 99 Minutos funding round
$82M
Series C · Mar 2022
Cumulative funding 99 Minutos raised
$127M
across 5 funding rounds
Key investors in 99 Minutos
Bossa Invest
Unpopular Ventures
Kaszek
Prosus Ventures
Christer Andersson
Y Combinator
99 Minutos Overview
About 99 Minutos
99minutos is a Mexican logistics company that provides last-mile delivery, fulfillment and B2B shipping for online retailers. It was founded in Mexico City in 2014 by Alexis Patjane, who previously ran a food-truck manufacturing business, and offers delivery in less than 99 minutes, same day, next day, CO2-free and economy services. By March 2022 it operated in Mexico, Colombia, Chile and Peru, employed about 5,000 people, handled more than 15 million packages a year and served over 120,000 customers, mostly businesses. The company's own history page reports more than 99 million deliveries and more than 5,000 merchants in 2024. It raised a USD 40 million Series B led by Prosus and Kaszek in 2021 and an USD 82 million Series C led by Oak HC/FT in March 2022. In 2019 it acquired the Chilean electric-fleet delivery company MuvSmart to enter Chile.
Founded
2014
HQ
Mexico CityWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Services
Valuation
$45M (Mar 2020)
99 Minutos Valuation
99 Minutos is currently valued at $45M, based on its Series A in March 2020.
The $5M round was led by Streamlined, with participation from J20 Ventures, Acacia Venture Capital Partners, Y Combinator, Liquid 2 Ventures, Incisive Ventures and 6 other investors.
99 Minutos valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Mar 2020 | Series A | $45M |
99 Minutos Funding History
99 Minutos has raised a total of $127M across 5 funding rounds.
99 Minutos' first fundraising round was a strategic investment round in June 2015. The most recent completed round was a $82M Series C in March 2022.
99 Minutos funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2022 | Series C | Oak HC/FT (lead); Kaszek; Prosus Ventures | $82M | - | 99minutos is a Mexico City-based logistics platform providing affordable, fast, and reliable last-mile delivery services for e-commerce vendors across Latin America, including markets like Chile, Colombia, and Peru. The company offers deliveries within 99 minutes, same-day, next-day, and emission-free options, handling over 15 million packages annually for major e-commerce firms and smaller brands. Founded in 2014 by CEO Alexis Patjane, it originated from his prior food truck business and has expanded with a focus on technology, efficiency, and sustainability. On March 2, 2022, 99minutos raised $82 million in a Series C round led by Oak HC/FT, with participation from existing investors Kaszek and Prosus Ventures. This brought total funding to approximately $128.7-$129 million, following a $40 million Series B in May 2021 also backed by Prosus and Kaszek. CEO Patjane noted the company had grown threefold since the Series B and was not initially seeking capital but attracted strong investor interest due to exponential growth and new customer opportunities. The funds will support expansion into Latin America, scaling new business models, technology and infrastructure investments, and low-carbon sustainability initiatives. Patjane indicated to TechCrunch and Global Venturing that the company's valuation was nearing $1 billion, positioning it close to unicorn status, with ambitions for a larger announcement in the next round. Early investors include Y Combinator, 500 Startups, Pioneer Fund, Streamlined Ventures, and Engie Factory, which acquired a 34.4% stake in 2019. Oak HC/FT's involvement was highlighted for its global presence and founder support resources. |
| Jun 2021 | Series B | Kaszek (lead); Prosus Ventures (lead); XRM Media; Endeavor Catalyst; Unpopular Ventures; Christer Andersson; Bossa Invest | $40M | - | 99 Minutos is a Mexico City-based last-mile delivery platform founded in 2014 by Alexis Patjane that offers on-demand logistics services for e-commerce vendors across Latin America, operating in Mexico, Chile, Colombia, and Peru. The company claims its platform can fulfill orders within 99 minutes while also offering same-day, next-day, and emission-free delivery options. In May 2021, 99 Minutos raised $40 million in Series B funding co-led by Prosus Ventures and Kaszek Ventures, bringing total funding at that time to approximately $49 million. The round came three years after Engie Factory acquired a 34.4% stake in the company. By March 2022, CEO Alexis Patjane disclosed that the company's valuation was approaching $1 billion unicorn status following the $82 million Series C round led by Oak HC/FT. Since its May 2021 Series B, the company reported threefold growth in operations and business by the time of its March 2022 Series C announcement. |
| Mar 2020 | Series A | Streamlined (lead); J20 Ventures; Acacia Venture Capital Partners; Y Combinator; Liquid 2 Ventures; Incisive Ventures; Wes Schwalje; Soma Capital; Unpopular Ventures; Christer Andersson; Bossa Invest; Pioneer Fund | $5M | $45M | 99 Minutos is a Mexico-based last-mile delivery platform operating in Latin American markets including Mexico, Chile, Colombia, and Peru, promising deliveries within 99 minutes alongside same-day, next-day, and emission-free options. The company, founded in 2014, serves e-commerce vendors with logistics infrastructure. Early investors include Y Combinator, 500 Startups, Pioneer Fund, and Streamlined Ventures. |
| Jul 2018 | Seed | Engie Factory | - | - | ENGIE Factory, the corporate accelerator of the French energy group ENGIE, took a minority stake in the Mexican last-mile delivery company 99 minutos in 2018. Forbes Mexico reported that the accelerator acquired 34.4% of the company, while the amount invested was not disclosed. The capital was meant to support the growth of the company and the electrification of its last-mile fleet. ENGIE Factory had been looking for Mexican startups for its portfolio since 2017. At the time of the investment 99 minutos operated in 14 Mexican cities, served more than 1,000 commercial clients and made about 3,000 deliveries a day. The company, founded in Mexico City in 2014, provides same-day delivery for online retailers. ENGIE Factory made a follow-on investment in 2019 alongside the acquisition of the Chilean company MuvSmart. |
| Jun 2015 | Strategic investment | Logyt | - | - | Logyt, the Mexican supply-chain consulting and operations firm, invested in the delivery company 99 Minutos in June 2015. The firm's co-founder and director Gustavo Llamas described it as an investment in the company rather than an acquisition, and neither the amount nor the stake was disclosed. Logyt made the investment to obtain last-mile delivery coverage for its e-commerce clients, and the two companies were already operating together in Mexico City and Guadalajara. Expansion to Monterrey, Queretaro, Veracruz, Puebla, Villahermosa, Merida and Cancun was expected in the second half of 2015. The move came as Logyt was using fresh capital from its investor LIV Capital to buy stakes in other companies. 99 Minutos provides same-day last-mile delivery for online retailers and also handles pharmaceutical and medical-equipment deliveries. |
Who has invested in 99 Minutos?
19 investors have backed 99 Minutos across its funding rounds, including Bossa Invest, Unpopular Ventures, Kaszek, Prosus Ventures, Christer Andersson and Y Combinator.
Lead investors include Oak HC/FT, Kaszek, Prosus Ventures and Streamlined.
99 Minutos Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 São Paulo | 2 | Lead | Jun 2021 | |
 San Francisco, CA | 2 | Participant | Mar 2020 | |
 Amsterdam | 2 | Lead | Jun 2021 | |
 Stockholm | 2 | Participant | Mar 2020 | |
| São Paulo | 2 | Participant | Mar 2020 | |
| New York City, NY | 1 | Participant | Mar 2020 | |
 Shanghai | 1 | Participant | Mar 2020 | |
| San Francisco, CA | 1 | Participant | Mar 2020 | |
| San Francisco, CA | 1 | Lead | Mar 2020 | |
| San Francisco, CA | 1 | Participant | Mar 2020 | |
 Santiago | 1 | Participant | Jul 2018 | |
| Seattle, WA | 1 | Participant | Mar 2020 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Wes Schwalje |  UAE | 1 | Participant | Mar 2020 |
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Start Free TrialAcquisitions by 99 Minutos
99 Minutos has acquired 1 company to date.
Last acquisition by 99 Minutos was on May 7th 2019. 99 Minutos acquired Muvsmart for undisclosed valuation.
Latest Acquisitions by 99 Minutos
| Description | Muvsmart is a last-mile delivery provider using electric cars and cargo bikes in European cities. Machine learning optimizes routes for e-commerce partners, cutting times by 20 percent. Founded in 2016 in Barcelona, Spain, it serves marketplaces with zero-emission fleets across Spain and Portugal. |
| HQ Country | |
| HQ City | Santiago |
| Deal Date | 7 May 2019 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
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99 Minutos Competitors
99 Minutos competitors include listed companies like Logory and Freightos, and private ones like Nash, Emiza, Cleveron and Ancla Logistik.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | - | - | $45M | - | |
 Mumbai | Private | $11M | - | $43M | 3.9x | |
| China | Publicly listed | $680M | $11M | $48M | - | |
 Viljandi | Private | - | - | $37M | - | |
 Wetzlar | Private | - | - | $57M | - | |
| United States | Publicly listed | $29M | ($15M) | $35M | 0.5x |
99 Minutos Public Comps
99 Minutos is still privately-owned, but its public comps include BLG Logistic, Logory, POS Malaysia, RT&L, OT Logistics, Janel, Fridenson Logistic, New Century Logistics, Foodlink and Boom Logistics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.3B | $190M | 0.0x | - | 0.1x | - | |||
| $680M | $11M | 0.0x | - | 2.3x | - | |||
| $454M | ($703K) | 0.5x | 0.4x | (296.7x) | - | |||
| $6M | $947K | 7.5x | 2.4x | 46.6x | 12.6x | |||
| $70M | $9M | 2.4x | - | 18.6x | - | |||
| $207M | $12M | 0.3x | - | 5.2x | - | |||
| - | - | - | - | - | - | |||
| $44M | ($11M) | 1.3x | - | (5.2x) | - | |||
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Common questions about 99 Minutos
| When was 99 Minutos founded? | 99 Minutos was founded in 2014. |
| Where is 99 Minutos headquartered? | 99 Minutos is headquartered in Mexico City, Mexico. |
| Is 99 Minutos publicly listed? | No, 99 Minutos is a private, VC-backed company. |
| What is 99 Minutos' valuation? | 99 Minutos was last valued at $45M in its Series A in March 2020. |
| How much funding has 99 Minutos raised? | 99 Minutos has raised $127M across 5 funding rounds. |
| What was 99 Minutos' last funding round? | 99 Minutos' last funding round was a $82M Series C in March 2022, led by Oak HC/FT. |
| Who are 99 Minutos' investors? | 99 Minutos' investors include Kaszek, Unpopular Ventures, Prosus Ventures, Christer Andersson, Bossa Invest, J20 Ventures, Acacia Venture Capital Partners, Y Combinator, Streamlined, Liquid 2 Ventures and 9 others. |
| Which companies are comparable to 99 Minutos? | Companies comparable to 99 Minutos include Nash, Emiza, Logory, Cleveron, Ancla Logistik and Freightos. |
| How many companies has 99 Minutos acquired? | 99 Minutos has acquired 1 company, including Muvsmart. |
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