Rappi Co-Founders Sebastian Mejia, President (left) and Simón Borrero, CEO (right). Photo credit: Rappi

Rappi, a Colombian on-demand delivery upstart, has announced that it’s raised over $300 million in fresh funding from investors including asset management firm T. Rowe Price. As indicated by a filing with the U.S. Securities and Exchanges Commission (SEC), Rappi sought to raise up to $350 million in the new funding round, which adds up the total amount of funding that the company has raised since its inception to $1.7 billion. “We are happy to work with this team of investors who trust our growth model, who believe in our region and the role we are playing,” the company said in a press statement.

The valuation that came with the new funding isn’t disclosed. Rappi overall is one of the most capitalized upstarts both in Latin America and globally and was valued at $3.5 billion post-money when Japanese technology conglomerate SoftBank invested $1 billion into the company last year. Rappi is an on-demand delivery service for a wide variety of products and currently operates in nine countries across Latin America. The company, which was founded in 2015, currently employs over 5,000 people. 

Rappi, although a Latin American company, has garnered investments from major investors outside the region. Among the company’s current investors include the likes of SoftBank, DST Global, Andreesen Horowitz, Delivery Hero, Sequoia Capital, and Y Combinator.

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