SoftBank Buys Stake in Brazilian Fleet-Management Startup Cobli
(Bloomberg) -- SoftBank Group Corp. is leading a 175 million reais ($33.5 million) funding round in Cobli, a Brazilian logistics startup, adding another firm to its flurry of deals in the country.
SoftBank’s Latin America Fund is joined by Qualcomm Ventures in the fundraising, as well as current Cobli shareholders including Valor Capital, co-founder Rodrigo Mourad said in an interview. He and Parker Treacy created Cobli in 2017.
The Sao Paulo-based startup manages fleets by attaching a device to vehicles and gathering information that helps devise better routes and prevent damages, Mourad said. It serves over 3,000 companies, including retailers and telecom-maintenance firms. Proceeds will be used to launch an insurance product and expand its customer base as well as its 200-people staff, planning to add 300 more people through 2022.
Cobli’s investment is part of an expanding SoftBank push in Brazil, its main destination for investments in Latin America. The Japanese conglomerate has invested in everything from delivery-services firms such as Loggi, to digital banking, home rentals, crypto brokerages and e-commerce.
Softbank is planning to invest an additional $5 billion in Latin American companies, doubling its commitment to the region, Bloomberg reported in July.
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