Rocket Internet’s Linio, which has been dubbed the “Amazon of Latin America,” received $26.5 million in funding from previous backer Summit Partners, TechCrunch reported, adding that it’s the second investment for Linio this month after German retail company Tengelmann Group announced it had invested a “8-digit Euro sum.”
Its other previous backers are AB Kinnevik, and J.P Morgan Asset Management, along with the Samwers brothers’ own startup factor, Rocket Internet. The new funds are said to be used for further growth in Latin America where the company already operates in Colombia, México, Peru and Venezuela.<BR><BR> Linio sells a range of goods online in various product categories such as technology, entertainment, home, babies & toys, books, office accessories, and personal care products.
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