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SoftBank, known for investing in ridesharing apps that aren\u2019t Uber<\/a>, has added another startup to its list. This time it\u2019s a $100 million bet on 99<\/a>, the largest ridesharing company in Brazil.<\/p>\n 99 says this is an extension of a round for upwards of $100 million that it raised in January from Didi Chuxing<\/a>, China\u2019s biggest ridesharing app (and itself a SoftBank investment), and Riverwood. Softbank\u2019s investment doubles its total to more than $200 million and also brings 99 deeper into an informal international alliance of ridesharing apps backed by SoftBank<\/a>. In addition to Didi Chuxing, these include all of Uber\u2019s major regional rivals: Lyft, India\u2019s Ola, and Southeast Asia\u2019s Grab.<\/p>\n For both SoftBank and Didi Chuxing, investing in 99 is a major step in deepening their presence around the world. Their support of 99 also makes Uber\u2019s Latin American growth plans more complicated<\/a> and represents another way that SoftBank and Didi Chuxing has thrown a wrench in their rival\u2019s international strategy (after struggling to compete, Uber sold its China business to Didi Chuxing last year<\/a>). Brazil is the world\u2019s fifth-largest country with more than 200 million people and an emerging economy that, despite its current political unrest, remains an attractive target for investors.<\/p>\n 99\u2019s total funding so far is $225 million. Its other investors include Monashees, Qualcomm Ventures, and Tiger Global.<\/p>\n Its new funding\u00a0from SoftBank will be spent on expanding its peer-to-peer ridesharing service, called 99POP, to more countries in Latin America. The company was founded in 2012 and currently claims more than 200,000 drivers and 14 million registered users on its platform.<\/p>\n In a prepared statement, David Th\u00e9venon, managing director at SoftBank, said \u201cWe see strong growth and a great outlook for the mobility solutions sector in Latin America. The 99 team has made impressive progress in Brazil, now operating in more than 400 cities and bringing positive changes to millions of users.\u201d<\/p>\n Featured Image: Hiroshi Higuchi<\/a>\/Getty Images<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/05\/gettyimages-163440757.jpg?w=680\")
SoftBank, known for investing in ridesharing apps that aren’t Uber, has added another startup to its list. This time it’s a $100 million bet on 99, the largest ridesharing company in Brazil. Read More<\/a><\/p>\n\n<\/img><\/a>
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