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SoftBank Is Near $1 Billion Investment in Colombia's Rappi

  • Investment likely to be led by newly launched Innovation Fund
  • Rappi was founded in 2015 in Bogota, now active in 35 cities
Venezuelan nationals working as bicycle couriers, for Colombian online delivery company "Rappi", ride their bikes in Bogota, on October 11, 2018.

Venezuelan nationals working as bicycle couriers, for Colombian online delivery company "Rappi", ride their bikes in Bogota, on October 11, 2018.

Photographer: John Vizcaino/AFP/Getty Images
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SoftBank Group Corp. is close to making a $1 billion investment in Latin American delivery app Rappi, according to people familiar with the matter.

The investment is likely to be led by the Japanese company’s newly formed Innovation Fund, which was launched by SoftBank Chief Operating Officer Marcelo Claure to focus on technology investments in Latin America, said the people, who asked not to be identified because the details aren’t public. It’s expected to invest alongside the conglomerate’s Vision Fund, the people said.